According to the Association of Automobile Manufacturers and Traders (SMMT), the UK used car market exceeded 2 million in sales in the first quarter of 2024.

The trade agency reported that since the pandemic, sales exceeded that number, 2,020,990 units have changed hands.

Sales rose 2.7% compared to the same period last year, marking nine consecutive growth.

SMMT attributes growth to improved supply in the new automotive industry.

Gasoline cars remain the best-selling fuel type, with sales rising 2.1% to 1,149,855 units, while diesel sales fell 3.1% to 679,739 units.

Internal combustion engine (ICE) vehicles accounted for 90.5% of all usage transactions this quarter.

However, their market share fell by 2.4 percentage points compared to Q1 2024, as more buyers opt for electric vehicles.

Demand for hybrids surged, with sales rising 30.2% to 98,830 units and plug-in hybrids up 14% to 23,540 units.

Battery electric vehicles (BEVS) had the highest growth rate, with sales rising 58.5% to 65,850 units, capturing a record 3.3% share of all transactions.

SMMT said BEV growth is crucial to the UK’s net zero target, adding that long-term success depends on strong demand for new electric vehicles, highlighting the importance of government incentives.

SMMT recommends halving the VAT for new electric vehicles, adjusting its responsibilities for VED's expensive automotive supplements, and equilibrium VAT for charging the public through domestic rates, which can improve the absorption of new cars and support a vibrant second-hand market.

Smaller cars are still popular, and SuperMinis is the best-selling segment, accounting for 32.4% of all used car deals.

Small households (lower and medium) followed account for 27% of sales, while dual-purpose models account for 16.8%.

During this period, these segments together accounted for 76.2% of all transactions.

The declines in professional sports, executives, superiors and MPV segments fell by 6.1%, 3.5%, 1.6% and 0.4%, respectively.

Black remains the most popular car color for the 29th consecutive quarter, accounting for 21.2% of cars sold.

Gray and blue remained second and third, up 6.3% and 1.2% respectively. Silver, orange and gold were the only top 20 colors to record a decline, down 3.1%, 4.9%, and 5.1%, respectively.

SMMT CEO Mike Hawes said: “The used car market has been at its most stable start in a year since the pandemic, thanks to the resumption of supply to a new car market. Critical that more second-hand buyers have chosen electric cars with greater choice and affordability that can enable more people and businesses to switch.