The growth observed in the UK used car market is positive, particularly as this is where most drivers purchase their next vehicle. The market’s health relies on thriving new car demand to replenish stock. SMMT’s latest data confirms this, showing more than two million used cars changed hands between July and September—the highest Q3 volume since 2021—with BEV transactions reaching a record 4.0% share.
This recovery has allowed almost 100,000 second-hand buyers to purchase cars less than a year old this year, boosting economic growth and improving consumer access to increasingly affordable, zero-emission used cars.
However, this progress faces significant risks from proposed government plans, including the end of Employee Car Ownership Schemes and reports of a pay-per-mile tax on EV motoring in the forthcoming Budget. These measures could stifle both new car demand and supply, while potentially cutting half a billion pounds annually from Treasury income. This approach is counterproductive given the governmental focus on growth and manufacturer commitments to ramp up EV sales.
In other areas, the SMMT continues to champion collaboration, noting the automotive sector’s support for the Armed Forces community. Veterans offer high-value skills, and companies are urged to explore initiatives like the government’s Defence Employer Recognition Scheme or consult the Veterans’ Automotive Career Guide.
The industry welcomes ongoing dialogue with Westminster, confirmed by The Rt Hon Peter Kyle MP, Secretary of State for Business and Trade, who will deliver a keynote speech at this year’s SMMT Annual Dinner.
Finally, the industry expressed sadness at the passing of automotive journalist and campaigner, Quentin Willson, who was a passionate champion of the industry and an early advocate for electric vehicles.
