Cyprus Mail
Britain Business International

UK’s second-hand car sales double in Q2 as restrictions ease

uk used cars

Britain’s used car transactions grew by 108.6 per cent in the second quarter (Q2) of this year when compared with the same period last year as Covid-19 restrictions eased, the British Society of Motor Manufacturers and Traders (SMMT) said in a report released Tuesday.

During the second quarter, more than 2,167,000 vehicles changed hands, up 6.6 percent on 2019 pre-pandemic levels, said the SMMT in the report.

“The increase tracks the country’s gradual emergence from lockdown, as businesses reopened, demand for personal mobility increased and stock shortages in the new car market forced some consumers to turn to used models,” said the SMMT.

Compared with the near standstill of the economy last year, the used car market saw the biggest growth in April, up 307.4 per cent on 2020 with more than 724,000 transactions in the month, and up 5.0 per cent on pre-pandemic 2019, said the report.

“This is welcome news for the used car market as transactions rebounded following nationwide lockdowns which closed retailers,” said Mike Hawes, chief executive of the SMMT.

“More motorists are turning to used cars as supply shortages continue to affect the new car market, and the increased need for personal mobility with people remaining wary of public transport as they return to work,” Hawes added.

In addition, demand for used battery electric (BEV) and plug-in hybrid (PHEV) vehicles continued to mount in Q2, soaring by 353.9 per cent and 349.8 percent respectively year-on-year, said the SMMT.

England has lifted almost all its remaining Covid-19 restrictions since July 19. Nearly 90 percent of the adults in Britain have had their first dose of vaccine, while more than 74 percent have had their second jab, according to the latest figures.

To bring life back to normal, countries such as Britain, China, Russia, the United States as well as the European Union have been racing against time to roll out coronavirus vaccines.

Related Posts

Fearing Russian cutoff, German industry braces for gas rations race

Reuters News Service

French baby formula maker Danone sharply ramps up US shipments

Reuters News Service

Russian rouble rallies past 60 vs dollar

Reuters News Service

Oil falls on uncertainty over fuel demand recovery

Reuters News Service

CM Guest Columnist

Bank of Cyprus posts €21 mln first-quarter profit

Kyriacos Nicolaou