Sales of used cars have fallen 13.5 per cent - the largest drop on record. 1.8 million used cars changed hands between April and June 2017, nearly 300,000 fewer than the same period in 2016, according to figures from the Society of Motor Manufacturers and Traders.
2016 was a record year for car sales but new VED rates and Brexit uncertainty have hit new car registrations in 2017, with this latest data showing the used market following the same pattern.
The decrease is the largest since SMMT started collating quarterly figures for used car sales in 2001.
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Superminis remained the most popular used vehicle type in Q2, with 600,000 buyers accounting for a third of the market, following by small family cars, with half a million changing hands.
SUVs and superminis were the only two segments to grow at 3.5 and 5.7 per cent respectively, echoing the trend in the new car market.
Mike Hawes, chief executive of SMMT, said: “With used car sales closely mirroring what we see in the new car market, last quarter’s decline comes as no surprise – and with demand easing over recent months, this could offer motorists the opportunity to get some great deals.
“However, although the market remains at an exceptionally high level, given the softening we’ve seen in registrations of new cars in more recent months, looking ahead it is vital that Government secures the conditions that will maintain consumer and business confidence if we are to see both markets continue to prosper.”
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