The UK used car market slumped by almost half between April and June amidst the coronavirus lockdown.
Just 1,039,303 used cars were sold in the second quarter of the year according to the latest figures released by the Society of Motor Manufacturers and Traders, a decline of -48.9% on the same period in 2019.
The blow to the industry is almost tangible, as the UK’s used car market starting the year with a bumper first two months before the lockdown sent the sector into a dramatic reverse. For example, sales of pre-owned battery electric vehicles grew by a whopping 44.8% in the opening quarter of the year, before spiralling downward some -29.7% in the second quarter.
The second quarter shock means that used car transactions are down by -28.7% overall for the first half of year, with an estimated 1.16 million sales lost to the coronavirus lockdown.
Mike Hawes, SMMT Chief Executive, said, “As devastating as these figures are, with full lockdown measures in place for the whole of April and May, they are not surprising. If we’re to re-energise sales and the fleet renewal needed to drive environmental gains, support will be needed for the broader economy in order to bolster business and consumer confidence.”
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