- August 17, 2018
- Posted by: Celine Evans
- Category: Automotive Industry
A recent study by the Society of Motor Manufacturers and Traders revealed that the British used car market remained a strong, thriving success in the second quarter of 2018. Statistics show that sales of used cars were down by only 0.4% and had reached a total of more than two million during the period, indicating a prosperous year for many used car retailers.
The results found that, throughout the second quarter of this year alone, a grand total of 2,093,429 vehicles had changed hands. These figures show that, compared to the second quarter of 2017, the decline in used car sales in 2018 was minimal, with only 8,725 fewer in the second quarter.
Of the many segments of the used car market, it appears that superminis remained the most popular amongst buyers. They accounted for a third of used car sales during the period, followed by small and mid-sized family vehicles.
On average, the demand for sport utility vehicles has risen by 10.7% and executive vehicles by 3.9%.
Hybrids, Diesel and Petrol
The Society of Motor Manufacturers and Traders found that sales of certain types of vehicles had fluctuated in the second quarter of 2018, revealing both an increase and decrease in popularity of the different engine types.
Out of the fuel options in the used car market, diesel vehicles became rose in popularity in the second quarter of the year, with a sales increase of 3.2% and around 868,573 used buyers drove one home during that time. However, the number of transactions that involved petrol-powered vehicles had fallen by 3.3%.
Although the demand for diesel cars had grown and petrol had fallen, hybrid and electric vehicles became much more popular on the used car market than they had been previously, with a total of 26,832 used examples sold.
Colour Trends in the Used Car Market
Throughout the second quarter of the year, the Society of Motor Manufacturers and Traders’ research revealed that the most common colour of choice for cars in the used car market was black and scraping second and third place was silver and blue, which have also proven to be amongst the most popular choice of colour for used buyers at the time.
Demand for white cars had also grown, resulting in an increase of 9.8%, as has demand for orange at 9.1%.
On the other hand, green car sales had fallen by 14.6% and maroon had fallen by 9.6%, making them two of the least popular colour options during the second quarter of 2018.
‘’It’s great to see the used car sector remain in robust health as motorists take advantage of the exciting high-tech models filtering down from the new sector – including some of the latest low-emission diesel and alternatively-fueled vehicles,’’ explained Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders.
‘’However, with used sales so closely reflecting the new car market, some cooling is expected over the coming months. Given fleet renewal is the fastest way to improve air quality and to reduce CO2, we need greater business and consumer confidence to keep both markets moving.’’