Car sales have never quite rebounded in the way many manufacturers hoped they might in the aftermath of the Covid-19 pandemic which had a catastrophic effect on the industry. The total of new car registrations reached 1,614,063 in 2022, 2.0 per cent down on even 2021, let alone the 2,311,140 cars sold in pre-Covid 2019.
That trend is mirrored in the used car market. Overall, the SMMT found that 6,890,777 used cars changed hands over the course of 2022, an 8.5 per cent decrease in transactions compared to 2021 and way off the 7,935,105 total seen in 2019.
There is, however, consistent and substantial growth in the land of EVs. Even as the rest of the market struggles to revitalise after a tumultuous period, the transition to an electric future remains on course. Used car transactions that involved electric cars increased by 37.5 per cent in 2022 compared to 2021, totalling 71,071 by the end of December.