This report presents an in-depth look at the UK used car market in 2024, analysing trends, prices, and volumes for various fuel types across the nation and by region. This analysis uses data collected from nationwide and regional statistics to provide insights into the key dynamics affecting the market.
Topline Statistics
Average stock volume per month – 833,355
Average sold volume per month – 314,555
Average price of stock – £17,072
Average sold listed price – £16,236
Average stock age – 6.82 years
Average sold age – 7.33 years
Region with the most stock – North West
Region with the least stock – Channel Islands
Nationwide Overview
Stock and Sales Volumes
The overall volume of stock and sales fluctuated throughout the year:
- January: Stock began at 804,635 vehicles, with 337,170 sold.
- October: Stock peaked at 900,578, while sales hit 344,789.
- December: Stock dropped to 787,675, with 238,206 vehicles sold.
Price Trends Across the Market
The average stock price started at £16,935 in January, climbing steadily to £17,823 in December. Sales followed a similar trend, with the average sold price beginning at £16,285 and rising to £16,419 by year-end.
- Petrol and Diesel Cars: Listed for an average of £15,991 and £15,515, respectively, with sold prices nearly identical at £15,081 and £15,082.
- Electric Vehicles (EVs): Averaged a listing price of £27,266, with sold prices coming in lower at £24,840.
- Hybrid Vehicles: Listed at an average of £25,301, while sold prices were slightly lower, averaging £23,922.
Fuel Type Overviews
Petrol Vehicles
Stock Volume: Petrol vehicles consistently held the largest share of the market, with an average monthly stock volume of 445,100. Peaked in October at 488,675.
Sales Volume: Sales remained robust, peaking at 191,895 vehicles in January.
Average Price: Petrol cars had an average stock price of £15,991 and sold for £15,081, reflecting steady demand and competitive pricing. The average price fluctuated, reaching a high of £16,786 in December.
Age Trends: The average age of sold petrol vehicles was 7.4 years, suggesting a preference for relatively newer models in this category. Average stock age hovered around 7.8 years.
Diesel Vehicles
Stock Volume: Diesel vehicles represented 34% of total stock, with an average monthly volume of 290,000. Peaked in September at 306,209.
Sales Volume: Sales reached a maximum of 115,443 in October.
Pricing Insights: Diesel cars maintained a stock price average of £15,515, with a marginal decrease in average sold prices (£15,082).
Age Trends: The average age of sold diesel cars was 8.3 years, indicating a slightly older profile than petrol counterparts.
Electric Vehicles
Stock Volume: Stock volumes for EVs increased steadily, with December seeing the highest at 39,603.
Sales Volume: Sales remained relatively lower, peaking at 15,082 in August.
Pricing Insights: Electric vehicle stock prices were significantly higher, averaging £26,500–£28,500, with the highest average price of £28,357 recorded in April.
Age Trends: EVs had an average age of 3-4 years, reflecting newer technology adoption. The age of sold vehicles averaged 3.6 years.
Hybrid Vehicles
Stock Volume: Hybrid cars represented 8% of the market, with an average stock of 63,000 vehicles monthly. Reached a high of 69,713 in October.
Sales Volume: August saw 26,169 vehicles sold, the highest monthly figure.
Pricing Insights: Hybrids maintained an average stock price of £25,300, selling for £24,000 on average.
Age Trends: Hybrids were slightly older than EVs, with an average stock age of 4.5 years and average sold age of 4.3 years.
Regional Insights in Used Car Listings
Regional Overview
Region with the most stock – North West
- With the most stock than any other region, stock peaked at 175,338 in September, with sales highest in October at 67,515.
- Pricing remained steady, averaging around £14,000 for stock and £13,000 for sold vehicles.
Region with the least stock – Channel Islands
- Stock volumes were minimal, with a high of 152 vehicles in June.
- Prices remained among the highest nationally, averaging £18,564.
- Sales remained low, with 71 vehicles sold in June.
Greater London
- Stock and sales were among the highest, with 82,916 vehicles in March and sales peaking at 35,545.
- Pricing ranged between £15,880 in November and £17,529 in October for sold vehicles.
Scotland
- Stock volumes varied, with a high of 79,586 in January.
- Sales were strong, peaking at 37,184 in January.
- Average pricing hovered around £18,000 for stock and £17,500 for sold vehicles.
Wales
- Stock ranged from 29,199 in February to 39,217 in October.
- Sales peaked at 13,756 in October.
- Prices remained stable, averaging £17,109 for stock.
If you would like a more detailed report, including a prologue and a timeline of 2024, click the link below.