Used automobile market surges by 21% in a 12 months, costs fall 8%
The used automobile market has skilled exceptional progress over the previous 12 months, with the newest information from Marketcheck exhibiting a 21% rise in listings since September 2023.
In September alone, 895,537 used automobiles have been listed, in comparison with 739,223 the identical month final 12 months. Used automobile gross sales adopted swimsuit, climbing 24% year-on-year, from 270,002 to 336,504 autos bought.
The report presents excellent news for shoppers: the typical value of used automobiles has decreased by 7.6%. The typical sale value has dropped from £17,375.27 to £16,049.55 in only one 12 months, a discount of £1,325.72.
Ian Godbold of IGC Digital attributes this growth to elevated automobile listings as a result of greater new automobile registrations and defleeting actions, whereas client demand stays excessive.
“Gross sales noticed an increase, fuelled by sturdy client demand and an 8% drop in common costs, making used automobiles extra reasonably priced. This aligns with the broader development of regular market progress, with a 7.2% enhance in Q2 2024, marking the sixth consecutive quarter of growth.
“Whereas conventional petrol and diesel automobiles nonetheless dominate the market, a 52.6% surge in used electrical automobile (EV) gross sales highlights rising curiosity in sustainable choices. In abstract, elevated provide, aggressive pricing, and shifting client preferences are driving the growth of the used automobile market.”
