Used Car Sales Top 2 Million as Used EVs Jump 67%

The UK's used car market has swung back into growth — and the electric side of it is growing at a pace nobody would have predicted two years ago. 📈

Fresh SMMT figures for the second quarter of 2026 show 2,009,318 used cars changed hands, up 0.7% year on year. It's the first Q2 since 2021 that volumes have cleared the two-million mark.

That recovery offsets a slightly soft first quarter, putting the market 0.2% up year to date at 4,025,550 transactions. Volumes are now just 1.2% below pre-pandemic levels.

The headline: used EVs surged 67%

The standout number isn't the overall growth — it's what's happening underneath it.

Used battery electric transactions rose 67.0% to 110,761 units in Q2, taking a record 5.5% share of the used market. That's the strongest quarterly growth for used BEVs since Q1 2024. ⚡

Used hybrids climbed too, up 31.2% to 130,825 and now holding 6.5% of the market, from 5% a year ago.

Petrol and diesel are still doing the heavy lifting — together they're close to nine in ten used sales — but both are drifting. Petrol slipped 1.2% to 1,121,243. Diesel fell 7.2% to 620,045.

And the best-selling used car? Still the Ford Fiesta, at 73,570 transactions, ahead of the Vauxhall Corsa (59,247) and the Volkswagen Golf (55,786).

Why the used EV numbers are climbing

This isn't sudden enthusiasm. It's supply finally arriving.

The new EVs sold in big volumes from 2022 onwards are now rolling off three- and four-year PCP and lease agreements and landing in the used market. Choice at the two-to-four-year-old price point has expanded enormously.

Prices have followed. Early used EVs were expensive and scarce; today there's genuine competition on forecourts, and a used electric car is often the cheapest way into EV ownership by a wide margin. 🔋

What this means if you're financing

Three practical takeaways for anyone buying with finance right now.

1. Used EV finance has got easier. Lenders were cautious on electric residuals when the data was thin. With volumes up 67% and a functioning market setting clear values, underwriters have far better evidence to lend against. That's showing up in more competitive APRs on used electric stock.

2. A growing market means more negotiating room — but not everywhere. Overall growth of 0.7% is modest. Popular petrol superminis like the Fiesta and Corsa remain in strong demand and hold firm. The room is generally in slower-moving segments, not the volume favourites.

3. Total cost still beats sticker price. A used EV often carries a slightly higher monthly payment than an equivalent petrol car, but lower running costs frequently close the gap. Home charging against pump prices, plus reduced servicing, is where the real saving sits. Compare the whole picture, not just the monthly figure. 💷

The bigger read

A used market at two million transactions a quarter and within 1.2% of pre-pandemic scale is a healthy, functioning market. That matters more than it sounds.

Stable used values underpin PCP deals — the Guaranteed Minimum Future Value at the end of your agreement is a lender's forecast of what the car will be worth. When used values behave predictably, lenders can set those figures more confidently, and buyers get better terms.

For drivers in Reading and across Berkshire, this is a decent moment to be shopping. Choice is broad, used electric options are genuinely viable, and finance pricing on used stock is more competitive than it has been for a while. ✅

If you're weighing up a used car — electric or otherwise — We Finance Your Asset can search our lender panel and show you what's realistically available before you commit to anything. 🚗