UK Q2 used car sales almost halve during Covid lockdown
UK second quarter used car sales almost halved as the coronavirus lockdown forced showrooms to close, the Society of Motor Manufacturers and Traders (SMMT) said on Tuesday.
Buyers hit the brakes in the three months to June 30 as 1,039,303 units changed hands, it added.
The pace of monthly decline eased as the quarter progressed, from a peak year-on-year loss of 74.2% in April to 17.5% in June, as private sellers and buyers got back on the move and transactions began to restart.
“However, it is unclear how long it will take for the market to recover given economic uncertainties and a need for greater activity in the new market to drive fresh stock,” the SMMT said.
In the first six months of 2020, used car transactions were down by 28.7%, with 2.89m units changing hands. The second quarter represented more than 85% of the 1.16m lost sales so far this year.
SMMT chief executive Mike Hawes said the figures were unsurprising given full lockdown measures were in place during April and May.
“As the UK starts to get back on the move again and dealerships continue to re-open, we expect to see more activity return to the market, particularly as many people see cars as a safe and reliable way to travel during the pandemic,” he said.
“However, if we’re to re-energise sales and the fleet renewal needed to drive environmental gains, support will be needed for the broader economy in order to bolster business and consumer confidence.”