The UK’s used car market has surged with an impressive growth of 108 per cent in the second quarter of the year compared to 2020, according to data revealed by the Society of Motor Manufacturers and Traders (SMMT).
The SMMT believe the reason for the astronomical used car market growth is due to a mix of coronavirus restrictions easing as well as an ongoing shortage of new models. This bounce back has seen the number of sales grow 6.6 per cent compared to 2019 pre-pandemic.
This reflects Hippo Motor Group’s own stats, with used car sales growing around 25 per cent across all brands compared to Q2 of 2020.
Ongoing shortage of new cars
Increasing numbers of motorists are turning to used cars due to long lead times on new cars. This is due to a global shortage of semiconductor chips, a knock-on effect of production lines being forced to halt at the peak of the pandemic. This has led to car production lines also being forced to pause. As a result, many manufacturers have suspended the ordering of new cars to work through the backlog. This disruption is expected to continue well into 2022.
To counteract the shortage, and in a bizarre reflection of the housing market, some motorists have even attempted to make higher offers than the sale price of used cars to get hold ones already marked as sold.
Our most popular used cars in 2021
Here are the top 5 most popular used cars at Hippo Motor Group based on enquiry year-to-date:
Mike Hawes, SMMT Chief Executive, said: “This is welcome news for the used car market as transactions rebounded following nationwide lockdowns which closed retailers.
“More motorists are turning to used cars as supply shortages continue to affect the new car market, and the increased need for personal mobility with people remaining wary of public transport as they return to work.”