23 Jun, 2024

Advertisement feature: Out with the new, in with the used

Advertisement feature from Black Horse

Despite UK new car sales hitting a 30-year low in 2022, the used car market is gaining more and more momentum. At the end of 2023 alone, it grew 5.5% with almost 1.9 million units changing hands. And electric vehicles (EVs) are playing a major role, with sales soaring by 99.9% in Q3 of 2023, with a record 1.8% market share.

With more and more people turning to electric, and the government setting ambitious aims for all new cars to be zero emissions by 2035, it’s important dealers know the latest information to guide their customers through the transition.

Used cars are on the up

The growth of the used car market is a trend we’ve noticed at Black Horse too. In December 2023, 6.1% of our used car business focused on EVs. Throughout 2023 this increase was evident month-on-month, rising fourfold by the end of the year. This indicates a robust surge in supply as the new car market recovers.1

PHEV and HEV markets are also experiencing growth

Not only did battery electric vehicles increase their percentage market share of the used vehicles market in 2023, plug-in hybrids and hybrids also increased their

1 min read