MORE than 7.5 million used cars changed hands in 2024 with a record amount of second hand electric vehicles on the market, according to the latest figures published today by the Society of Motor Manufacturers and Traders.

The UK's used car market grew by 5.5 per cent to 7,643,180 transactions last year marking eight quarters of continuous growth.

The year saw 400,488 more vehicles change hands than in 2023, with growth in the new car market fuelling availability and wider choice within the used sector.

While grey remained most popular in the new car market, black cars were favoured among used car buyers, with more than 1.6 million opting for the colour.

Grey was second, with a 17.6 per cent share and blue third, taking 16.2 per cent of sales.

Demand continued to soar for used battery electric cars (BEVs), rising some 57.4 per cent to a record 188,382 unitsand achieving a new high for market share, at 2.5 per cent, up from 1.7 per cent in 2023 and 13 times larger than back in 2019.

Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 32.2 per cent to 92,120 units and 39.3 per cent to 306,114 units respectively.

Combined, the number of used electrified vehicles changing hands increased by 43.3 per cent on 2023, with more than half a million of these ultra low or zero emission motors accounting for a 7.7 per cent share of sales.

This growth aligns with the new car market and demonstrates the increasing demand and choice across the sector for new and used electric motors - at price points to suit all potential buyers, said the SMMT.

The organisation added that such growth cannot continue to be taken for granted, however, especially given that from April, many BEVs registered in the new car market will be subject to Vehicle Excise Duty and the Expensive Car Supplement - drastically increasing ownership costs during the first six years of a vehicle's use and therefore likely to impact on the used market.

Exempting BEVs from the ECS - or at least, raising the eligibility threshold, which has remained unchanged since 2017 - would therefore remove a substantial disincentive for both new and used buyers.

Petrol and diesel powered cars accounted for 92.1 per cent of all used car transactions - down slightly from 94.3 per cent last year. Petrol remained dominant, up 6.8 per cent to represent 57.1 per cent of the market, while diesel transactions dropped by 2.4 per cent, accounting for 35 per cent of all transactions.

Mike Hawes, SMMT chief executivesaid: "The used car sector's 25-month growth streak is good news for fleet renewal and for consumers benefitting from the greater choice filtering through from the new market.

"Record sales of second hand EVs also demonstrates strong appetite for these cutting-edge cars at lower price points. Ensuring ongoing growth, however, means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come."

The top three popular body types remained the same for another year, with superminis taking the top spot, accounting for one in three of all used cars sold in 2024.

Dual purpose models recorded the strongest rise in volumes, up 10.7 per cent, reflecting they are now the bestselling segment in the new car market.

At the other end of the spectrum, luxury saloons represented just 0.5 per cent of the market.