The UK used car market grew by 11.5% in 2021 compared to 2020.
New figures from the Society of Motor Traders (SMMT) show that 7,530,956 used car transactions took place last year.
However, despite 2021 growth, used car transactions are -5.5% down on the pre-pandemic five year average.
It’s good to see the used car market return to growth, even if activity is still below where we were pre-pandemic. With the global shortage of semiconductors set to ease later this year, releasing the squeeze on new car supply, we expect more of the latest, cleanest and zero emission models to become available for second owners. The demand for personal mobility has undoubtedly increased during the pandemic, so it’s vital we have healthy new car sales to drive fleet renewal and the used car market if we are to improve air quality and address climate change.Said Mike Hawes, SMMT Chief Executive.
Figures from the Society of Motor Manufacturers and Traders (SMMT).
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