Battery electric vehicle (BEV) sales in the UK hit a record high in the third quarter of 2022 but the used car market shrank for the second consecutive quarter, according to fresh figures.
There were 16,775 BEV sales rose in the three months from July to September, a rise of 44.1% on the same time last year, according to data from the Society of Motor Manufacturers and Traders (SMMT).
In total, 48,032 BEV have been added to the UK car market in the year to date.
Hybrid electric vehicle sales also grew by 2.5% in the quarter, while plugin hybrid vehicle sales fell 5.8%.
That means that combined transactions for electrified vehicles reached a 4% market share in the third quarter up from 3.3% a year prior.
Meanwhile, used car transactions fell 12.2% in the three months from July to September.
Roughly 1.7mln used vehicles changed hands, the first time that third-quarter transactions dipped below 2mln since 2015, reflecting semiconductor issues which impacted supply.
“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,” said SMMT chief executive Mike Hawes.
Falling figures on used car sales would be concerning news for used car dealerships Motorpoint, Autotrader. Pendragon and Cazoo, among others.
Motorpoint had previously warned that the used UK car market bubble had burst as uncertainity caused by macroeconomic conditions meant consumers might keep their hands in their pockets.
Demand for used cars had soared as a computer chip shortage and impacts of the pandemic led to the lowest number of new cars manufactured in the UK in 2021 since 1954.