Used Car Market Analysis 2024 (to date)

Overview of the Current Used Car Market in the UK

The automotive landscape in the United Kingdom continues to be shaped by the Internal Combustion Engine (ICE) segment. As of the week ending May 11, 2024, there were 10,509 dealers, a slight increase from the previous week’s count of 10,476. This stability reflects a consistent dealership landscape.

However, the total number of listings experienced a minor decline, dropping from 885,944 to 868,204. This decrease suggests a contraction in market offerings, likely influenced by economic or seasonal factors.

Average Days on Market (DOM) for ICE vehicles also saw a slight uptick, rising from 80 to 81 days. Interestingly, despite this increase in DOM, the average price of vehicles remained relatively stable, with a minute decrease from £18,206 to £18,185. This pricing stability amid a longer time on the market may indicate a delicate balance between supply and demand in the used car market.

Breakdown of Listings by Price Bands

Affordability continues to drive the market, as the highest volume of cars falls within the £0-10K and £10-20K price ranges. However, there was a slight reduction in listings within these categories, mirroring the overall decrease in market listings.

Analysis of Top 100 Dealers by Volume

The top 100 dealers play a crucial role in the ICE used car market, controlling a significant share of premium listings. These dealers have experienced a slight increase in average days on the market, moving from 47 to 50 days. Additionally, the average price among these top dealers rose from £22,042 to £22,068. Strategic pricing adjustments may be necessary to align with market demand and inventory levels.

Electric Used Car Market (EV) Insights

While the electric vehicle (EV) market is still smaller compared to ICE vehicles, it is gaining momentum. The total number of electric dealers increased slightly from 4,307 to 4,323, indicating growing interest in electric mobility.

However, EV listings decreased slightly from 129,607 to 127,298. The average DOM for electric vehicles also saw a minor increase, going from 67 to 68 days. Possible reasons for this longer time on the market include higher price points or consumer hesitancy around EV technology.

Breakdown of Listings by Price Bands for EVs

Most EV listings are concentrated in the higher price segments, aligning with the general market perception of EVs as premium offerings.

For more detailed information, readers can refer to the UK Weekly Used Car Market Data – 11 May 2024. Keeping your audience informed and confident in their used car choices is essential! 🚗💡23.