A snapshot of the UK used car market

The landscape of the used car market in the United Kingdom remains largely driven by the Internal Combustion Engine (ICE) sector. As of 11 May 2024, the number of dealerships slightly rose to 10,509 from 10,476 the previous week, indicating a stable dealership environment. 

Conversely, the total number of vehicle listings saw a small decline, falling from 885,944 to 868,204, suggesting a potential market contraction, possibly influenced by economic conditions or seasonal trends. 

There was a marginal increase from 80 to 81 days for ICE vehicles in the Average Days on Market. 

Despite this, the average vehicle price remained nearly unchanged, with a slight drop from £18,206 to £18,185. This stability in pricing, despite longer market times, may reflect a balanced supply and demand scenario in the used car market. 

Price Band Analysis of Listings 

Affordability remains a key market driver, with the majority of cars listed in the £0-10K and £10-20K price ranges. However, these categories also saw a slight reduction in listings, consistent with the overall market trend. 

Insights into the Top 100 Dealers by Volume 

The top 100 dealers hold a significant share of the ICE used car market, especially within premium listings. These dealers saw their average DOM increase slightly from 47 to 50 days, with the average price for their listings edged up from £22,042 to £22,068. This suggests that strategic pricing adjustments may be needed to better match market demand and inventory levels. 

Insights into the Electric Vehicle (EV) Market 

The electric vehicle market, although currently smaller than the ICE market, is gradually growing. The number of EV dealerships increased modestly from 4,307 to 4,323, reflecting a rising interest in electric mobility. 

EV listings saw a minor decline from 129,607 to 127,298, with the average DOM for electric vehicles increasing slightly from 67 to 68 days, potentially due to higher price points or consumer hesitancy towards EV technology. 

Price Band Analysis for EVs 

The market perception of EVs as premium products is matched with the majority of the EV listings being concentrated in the higher price segments.  

Readers interested in more detailed information can consult the UK Weekly Used Car Market Data – 11 May 2024. Help your audience remain informed and confident in their used car choices!