Cargiant experts analysed the latest used car sales data released by the Society of Motor Manufacturers and Traders (SMMT), and the London-specific data painted a pretty picture for the country’s capital in relation to the resurgence of the automotive industry.
Cargiant findings noted an 11.84% increase in used car sales in London throughout 2021. This increase is 0.3% higher than the rest of the UK which rose by just 11.5% in 2021 with a total of 7,530,956 units changing hands.
The reason? Likely a combination of lockdown restrictions easing, pent up demand and increased customer confidence.
Used cars as a whole have been in huge demand since the pandemic began due to chip shortages which led prices to rise significantly but this hasn’t stopped consumers as sales throughout 2021 increased versus the previous year.
Used Car Sales in London
Taking a look at London specifically, 671,125 models changed hands in 2021 compared to just 600,095 in 2020 (a 6 year low) and used car sales still managed to rise above the last 5 years average of 667,263 despite the aforementioned issues that have faced the automotive sector.
According to the data from SMMT, 2016 was the best year on record followed by 2019 but 2021 is in 3rd and managed to do better than the pre-pandemic years of 2017 and 2018.
London has been the epicentre of COVID-19 in the UK and the lockdown restrictions have reflected that, so the easing has helped the capital when it comes to used car sales more than the rest of the country and that is apparent in the latest data.
Overall, the UK used car market is still down -5.5% on the pre-pandemic five-year sales average as the impacts of the pandemic are still being felt across the country.
That being said, 2021 marked a record demand for used battery electric vehicles, up 119.2% with 40,228 transactions. Had your eye on an EV model? Take a look at Cargiant's nearly new electric cars for sale.