- By Daniel Thomas
- Business reporter, BBC News
image source, Getty Images
Sales of used cars fell sharply last year as fewer used models hit the market, industry figures show.
Covid-driven parts shortages meant fewer new cars were produced and people held on to their cars longer while waiting to upgrade.
Some 6.9 million used cars have changed hands, down from 7.5 million in 2021, according to the Society of Motor Manufacturers and Traders (SMMT).
However, he said the problem was beginning to ease.
The SMMT also said sales of second-hand electric vehicles had bucked the trend.
At the height of the pandemic, car dealerships closed and production lines shut down.
Then, as the world began to open up, shortages of computer chips, commonly used in modern vehicles, led to further disruptions.
This affected the new car market, where sales fell to a 30-year low in 2022.
The shortage of vehicles fueled the much larger used market. As a result, used car prices skyrocketed in 2021 and have only just begun to stabilize.
According to car magazine Autotrader, the average price of a used Fiat Panda was £5,765 in January, up 18.7% on a year ago, while a Toyota Avensis cost £5,825, up 17 .9% more.
However, the price of a second-hand Suzuki Vitara was £14,786, down 9%, while a Skoda Yeti cost £9,893, down 9.4%.
“growing appetite”
Despite the overall drop in used car sales last year, more used electric cars changed hands, the SMMT said.
A record 71,071 used pure electric vehicles found new owners – up 37.5% – while sales of second-hand hybrids and plug-in hybrids rose 8.6% and 3.6%.
Electric vehicles make up only a small proportion of the used car market, but Mike Hawes, head of the SMMT, said the take-up of used electrified vehicles “demonstrates a growing appetite for these models”.
“With growth in new car registrations expected this year, more of the latest low- and zero-emission models should be available to second-hand owners,” he said.
The most popular second-hand model sold in 2022 was the Ford Fiesta, followed by the Vauxhall Corsa and the Volkswagen Golf, according to the SMMT.
The most popular color was black, followed by blue and gray.
However, the group said some buyers had been more adventurous, with 4,461 pink, 6,708 turquoise and 18,658 bronze used vehicles changing hands during the year.
