Sales of used automobiles fell by 8.5% final yr, in response to trade figures highlighting a squeeze on shares.
The Society of Motor Manufacturers and Traders (SMMT) stated 6.9 million autos modified fingers in 2022 – solely barely greater than the sum achieved in COVID-hit 2020.
The whole was down from 7.5 million through the earlier 12 months.
The SMMT blamed final yr’s efficiency on weaker than regular gross sales of latest automobiles as a result of international semiconductor scarcity which held again manufacturing to a 66-year low.
That compelled up costs throughout each the brand new and second-hand automobile markets although purchases picked up within the latter a part of the yr regardless of strain on budgets from the value of dwelling disaster.
The figures confirmed a 37.5% improve within the variety of used battery electrical autos bought because the clock ticks all the way down to the looming 2030 ban on the sale of latest automobiles powered by petrol and diesel.
They numbered simply 71,071, nevertheless.
SMMT chief govt Mike Hawes stated: “While the market headlines are negative and reflective of the squeeze on new car supply last year, record electrified vehicle uptake is a bright spot and demonstrates a growing appetite for these models.
“With new automobile registrations progress anticipated this yr, extra of the newest low and zero-emission fashions ought to develop into accessible to second homeowners.
“Accelerating uptake is key and will be dependent on drivers being assured of a positive ownership experience.
“This means making certain charging infrastructure retains tempo with demand as extra new and used automobile patrons make the change to zero-emission motoring than ever earlier than.”
Click to subscribe to The Ian King Business Podcast
James Baggott, editor of Car Dealer Magazine, said: “Car sellers informed us their greatest challenge in 2022 was getting maintain of used automobile inventory.
“This kept already very high used car prices buoyant throughout the year and that has continued into the start of 2023.”
Source: information.sky.com”