Second-hand battery electric vehicle sales grow 44.1% in Q3 2022

Used battery electric vehicle (BEV) sales have risen 44.1% to 16,775 transactions in Q3 of 2022, adding up to 48,032 in the year to date.

The data from the SMMT also shows that the market for used hybrid electric vehicles (HEVs) also grew, up 2.5% in the quarter with 41,479 cars sold, taking the yearly total so far to 119,722. Plug-in hybrid (PHEV) transactions, meanwhile, fell -5.8% to 13,899 in Q3, though they remain up 7.1% since January at 44,724.

It means that combined transactions for electrified vehicles reached 4.0% market share in the third quarter, up from 3.3% a year before. Used petrol and diesel vehicle continued to dominate, however, totalling 1,708,299 transactions in Q3 with petrol taking the lion’s share of the total market at 57.1%.

Overall the UK’s used car market fell for the second consecutive quarter this year, declining -12.2% over the three months of July to September - with some 1,785,447 vehicles changing hands. In the year to date, sales are now down -9.7% to 5,319,482.

Mike Hawes, SMMT Chief Executive, said, “Given the short supply of new cars due largely to sustained chip shortages, a declining used car market comes as little surprise, although it’s great to see a growing number of used buyers able to get into an electric car. The demand is clearly there and to feed it we need a buoyant new car market, which means giving buyers confidence to invest. Next week’s Autumn Statement is an opportunity for the government to make a long-term fiscal commitment to zero emission motoring, including adequate public charging infrastructure, which, especially given the economic headwinds, would go a long way to stimulating the market and delivering both economic and net zero progress.”