UK Weekly Used Car Market Data – 30th December 2023

A real change this week saw the number of adverts with a downward change in price decrease significantly from the previous week.

Key Points

• The total number of dealers and rooftops has slightly dropped in the period between 23rd and 30th December 2023.
• A significant number of listings fall within the ‘£10,001-£20,000’ price band, though this has seen a slight decrease. A decrease is observed in all other price bands as well.
• Price revision data shows a marked decrease in both increases and decreases in advert prices within the analyzed period.
• Although the average number of ‘Days on Market (DoM)’ rose from 85 to 92, this is not a substantial increase in the context of an overall stable market.
• Even with a slight decrease in the total number of dealers, the advert volumes for those with less than 100 adverts and those with 101-250 adverts show a small increase.

Total Market Analysis

Between 23rd and 30th December 2023, a minor decrease was observed in the total number of dealers and rooftops in the market, from 10,073 to 10,040 and 14,043 to 13,952, respectively. This slight dip of approximately 0.3% in the dealer market reflects a natural fluctuation and might be due to seasonal trends.

Days on Market (DoM) Average

The ‘Days on Market’ average, or the DoM, increased from 85 days to 92 over this week-long period. The rise of seven days could be tied to decreasing demand during these specific dates, which straddle the Christmas holiday when consumer activity traditionally declines.

Breakdown of Listings by Price Bands

During this period, all price bands showed a decrease in the number of listings, with the majority of listings falling within the ‘£10,001-£20,000’ band.

Number of Dealers by Advert Volumes

Despite an overall drop in the total number of dealers, those dealing with less than 100 adverts and those with 101-250 adverts have shown a slight increase.

Analysis of Top 100 Dealers by Volume

The top 100 dealers by volume show a minor decrease in Stock Volumes, with the DoM seeing an increase.

Price revision data – changes to advert prices

The week saw significant changes in advert price revisions, with a remarkable decrease in both the number of increases and decreases.
The latter fell steeply from 79,465 to 35,983, hinting at potential stability in market pricing.

Conclusion

Overall the market showed mild fluctuations over the week-long period. These might well be seasonal, aligning with the market trends commonly seen around major holidays. While some adjustments were noted within specific classifications, the overall dealer market displayed relative stability. Continued monitoring would provide better insight into these observed changes.

Next week: 6th January | Previous week: 23rd December