Rising Demand For EVs and Second-Hand Cars: The 2024 Car Market In Review
The most sought-after cars and the most common colours, what did the 2024 UK car market look like?
The used car market isn’t slowing down
Despite economic uncertainty, the UK’s used car market expanded by 5.5% in 2024, reaching 7,643,180 transactions. Over 400,00 more vehicles were sold compared to 2023, marking the eighth consecutive quarter of growth and showing no signs of slowing down. The growth in the new car market has a trickle-down on used cars, resulting in greater availability and a broader selection for those shopping for second and third-hand deals.
Superminis take the top spot
The top three most popular vehicle types remained unchanged, with superminis holding the lead, making up 32.3% of all used car sales in 2024. The lower medium segment followed in second place, with a 27.1% share, and dual-purpose vehicles secured third with 15.9% of the market. Dual-purpose vehicles saw the largest increase in volume, up 10.7%, aligning with their position as the top-selling segment in the new car market. On the other hand, luxury saloons represented just 0.5% of the total market.
The ten best selling cars of 2024
The results are in! Here are the cars the UK loves the most:
1. Ford Fiesta - 306,207
2. Vauxhall Corsa – 252,207
3. Volkswagen Golf – 231,440
4. Ford Focus – 228,220
5. MINI - 160,516
6. Vauxhall Astra - 159,495
7. BMW 3 Series - 158,674
8. Volkswagen Polo - 151,786
9. Nissan Qashqai - 138,810
10. BMW 1 Series - 125,440
The top car colours of 2024
While grey continued to be the top choice in the new car market, black cars were the go-to for over 1.6 million (21.3%) used car buyers. Grey came in a close second, with 17.6% of sales, followed by blue at 16.2%. Together, these three colours made up more than half (55.1%) of all used cars sold.
Pink cars increased slightly in popularity, up 301 from 2023 with 5,171 buyers. Maroon was the choice for 4,659 people, pushing that shade ahead of cream, which saw 4,657 sales, as the least favoured colour. The biggest boost award goes to turquoise, growing 11.2% to 8,266 units, while grey saw the largest volume increase, rising by over 117,000 cars to reach 1.349 million.
1. Black - 1,624,768
2. Grey - 1,348,754
3. Blue - 1,235,709
4. White - 1,173,598
5. Silver/Aluminium - 1,102,702
6. Red - 768,167
7. Green - 125,326
8. Orange - 61,475
9. Yellow - 31,216
10. Brown - 28,191
More buyers are turning to electric
The demand for used battery electric vehicles (BEVs) continued to climb, increasing by 57.4% to a record-breaking 188,382 units, marking a new high in market share at 2.5%. This is up from 1.7% in 2023 and 13 times greater than in 2019. In Q4, BEV market share reached 2.7%, matching the performance seen in Q3. Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also saw significant growth, rising 32.2% to 92,120 units and 39.3% to 306,114 units, respectively.
Here’s the ranking for last year’s top fuel types:
1. Petrol - 4,367,009
2. Diesel - 2,674,725
3. Hybrid - 306,114
4. Electric - 118,382
5. Plug-in hybrid - 92,120
Where buys the most cars in the UK?
Unsurprisingly, the spending power of the South East puts them top of the list when it comes to car transactions in 2024. The North West comes in second, with the West Midlands coming in third.
1. South East - 1,117,822
2. North West - 829,642
3. West Midlands - 780,621
4. East - 742,242
5. South West - 720,473
6. York./Humberside - 667,822
7. Scotland - 620,721
8. East Midlands - 605,508
9. London - 586,083
10. Wales - 403,472
Data source: The Society of Motor Manufacturers and Traders (SMMT)