Money-strapped automotive house owners hanging on to youthful fashions, finds Seller Public sale

The shortage of youthful autos filtering into the used market is making its impression felt, in accordance with first-quarter Seller Public sale figures.

Commenting on the most recent knowledge, Kieran TeeBoon, Seller Public sale’s market director, thinks uncertainty round inventory availability, cost-of-living pressures and pricing might assist the concept that fleets and shoppers are hanging onto automobiles for longer, pushing averages up.

“The statistics inform an attention-grabbing story in regards to the continued shortage of youthful autos filtering into the used market. Greater than three million fewer autos than anticipated have been registered within the UK between March 2020 and the top of 2023 and we’re now feeling the impression of that quantity loss within the used market.”

An upswing within the age and mileage of autos offered on Seller Public sale within the first quarter highlights market situations and the persevering with shortage of youthful automobiles. In the identical interval final yr, the typical mileage for a automobile listed was 67,744 miles with an age of 8.7 years. This yr’s Q1 figures are 72,832 miles and 9.2 years – a rise of seven.5% and 5.7% respectively.

Even so, greater than 1 / 4 of one million bids have been logged on Seller Public sale within the first quarter of 2024 – a 19% enhance on figures for the tail finish of 2023 and optimistic proof of an keen and lively used automotive market.

TeeBoon stated: “It’s been a largely optimistic begin to 2024 with a substantial rise within the variety of auctions ending and greater than 253,000 bids positioned. We noticed a marked enhance in autos listed and lively consumers versus This autumn too.”

Each gross sales efficiency and days to promote held robust with the entire variety of auctions through the three months rocketing to 34,000, 1,000 greater than on the finish of 2023. Common days to promote have been comparable between the quarters (4.0 to 4.1), whereas CAP clear efficiency nosed in entrance of the earlier quarter by greater than 1%.

Different notable statistics on Seller Public sale for the primary 91 days of 2024 embrace a 3% drop within the variety of diesels offered. In the meantime, there’s been a shift in alternatively fuelled automobile gross sales numbers – hybrids have jumped by nearly 3% whereas EVs have decreased by greater than 2% in comparison with the primary quarter of 2023.

TeeBoon added: “A bounce in gross sales for hybrids reveals that eco-friendly autos are more and more, albeit slowly, making their mark on the used market.”