The second-hand vehicle market has experienced a month-on-month increase in sales mainly thanks to manufacturers now getting on top of the delays in delivery of new vehicles. The pandemic and the fallout from Brexit hit manufacturers hard, supply issues were troublesome, and the new vehicle market has taken some time to get back to full throttle.

The sale of used vehicles has seen an increase of 6.5% in the first quarter of 2024, sales have exceeded 1.9 million. This is great news for used vehicle dealers and the Society of Motor Manufacturers and Traders (SMMT) have reported that it is the most successful start to the year since the pandemic.

More new vehicle availability has at last pushed the number of used vehicles up and with this the prices have dropped by up to 10% on some models, the reason being supply and demand. This is good news if you are looking to purchase, but of course, you may get less for a vehicle if you are selling.

The SMMT have released data that tells us what is happening on the used vehicle market, and it makes interesting reading.

The sale of used EVs is increasing, however, this was likely to occur as electric vehicles have now been on the road for longer and consequently there is now more filtering into the used vehicle market. Over 41,505 used EVs were sold in the first quarter of this year which equates to a 71% increase on last year.

Used hybrids and plug-in hybrids have seen a healthy uptick in sales too, increasing by 49% and 42% respectively.

Used diesel sales have declined slightly by 1.3%, but still command 35.5% of all second-hand sales, indicating that the driver is still choosing to purchase a diesel vehicle despite the negative press and its reported future demise.

In the first four months of 2024 petrol vehicles have continued to dominate the second-hand market, with 1,130,396 vehicles being sold in the first four months, a rise of 7.7% on the same period last year.

The most popular vehicles remain the smaller ones. The Ford Fiesta tops the list of used vehicle sales since the beginning of the year, this is obviously still a hugely popular car despite Ford ceasing production of new models last year, followed by the Vauxhall Corsa, Ford Focus and then the Volkswagen Golf.

A well looked after second-hand vehicle can be a great economical option if you continue to take care of it. The outlay has not been nearly as high as a new vehicle and if it is regularly serviced, tyres are checked and filters kept clean this will help your vehicle run smoothly and perform efficiently, giving you better fuel economy.

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