Adapting to Change: The UK's Used Car Market in November

In the ever-dynamic world of motor trade, November brought with it a notable shift in the UK's used car market. As detailed in a comprehensive analysis by Motors, previously known as Motors.co.uk, there's been a marked increase in customer preference for older, more affordable vehicles. This trend, a direct reflection of the ongoing cost of living crisis, is reshaping how dealers can sell more cars.

Delving into Motors' latest Market View report, we find that vehicles priced under £10,000 have become the focal point of consumer interest. Particularly, models listed below £5,000 and those in the £5,000-£9,999 bracket are selling briskly, with an improved turnover rate compared to October. The Vauxhall Corsa, for instance, notably with three-year-old models clocking up to 30,000 miles, has seen a price increase of four per cent, averaging £16,553.

In contrast, pricier and younger models are facing a decline. For example, the two to three-year-old Vauxhall Crossland X models experienced a significant 14 per cent drop in average retail price. Despite these fluctuations, the overall average price of a used car has remained relatively stable, registering a marginal increase from October.

The report also highlights a growing demand for even older cars, with 14-16 year-old models of the Ford Focus leading the way in price improvements. This suggests a burgeoning market segment for dealers to capitalise on.

In terms of stock levels and sales velocity, dealer stock levels have been on a steady incline since September, with the average days to sell a car remaining constant. Interestingly, the Toyota Prius Plus hybrid, a discontinued model, emerged as the fastest-selling car for the second consecutive month.

Additionally, the report sheds light on the evolving landscape of fuel types in the used car market. Electric vehicles (EVs) are gaining momentum, recording an 18 per cent increase in listings for the month and a significant 46 per cent year-on-year growth. Hybrids are also making strong gains, with their volumes doubling year-on-year.

Petrol and diesel cars continue to hold substantial shares in the market, with petrol cars making up over half of the listings. Meanwhile, diesel vehicles, despite a slight month-on-month increase, show a year-on-year decline.

Lucy Tugby, Motors' Marketing Director, encapsulates the situation, noting that November was a stable month for the used car market. She highlights the resilience of dealers in maintaining advertised prices despite the fall in wholesale values and anticipates a continued interest in no-frills, essential purchase cars.

In conclusion, the UK's used car market is navigating through a period of significant transition, influenced by economic factors and shifting consumer preferences. As we approach the festive season, it's expected that these trends will continue to shape the market, offering insights for dealers aiming to sell more cars. For a more in-depth understanding of these trends, the original article can be explored at cardealermagazine.co.uk.

source http://autoengage.co.uk/home-page-9252-9795-4532/b/adapting-to-change-the-uks-used-car-market-in-november