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The Markets
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The Markets
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Transport

Electric vehicles edge higher as second hand car sales stall

A shortage of cars coming onto the market sent second-hand sales down in 2022, according to trade body the Society of Motor Manufacturers (SMMT).

Deals numbered 6.9mln against 7.5mln in 2021, although the number of second-hand electric vehicles changing hands hit a new record.

Sales of electric-only second-hand vehicles rose 37.5% with hybrids and plug-in hybrids up by 8.6% and 3.6% respectively, but at 71,071 these are still only a tiny part of the overall market.

"With new car registration growth expected this year, more of the latest low and zero emission models should become available to second owners," Mike Hawes, the SMMT’s chief executive said in a statement.

Disruption to new car production since the easing of Covid due to a lack of semiconductors and supply chain problems has encouraged people to hang onto their existing cars for longer, said the SMMT.

Ford’s Fiesta was the most popular car followed by the Vauxhall Corsa and Volkswagen Golf with black, blue, and grey as the top colour choices.

Prices of second-hand cars rocketed early in 2022 due to the shortage of new vehicles, though this trend has eased recently as the chip shortage situation has improved.

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