UK Weekly Used Car Market Data – 7th October 2023

Key Points

• Between 30th September and 7th October 2023, the Total Advert Numbers in the market increased from 853,726 to 891,069, indicating a growing market trend.
• The average price of listing showed a slight increase from £18858 to £18948 while there was no change in the Days on Market Average.
• In the breakdown of listings by bands, there was a noticeable increase in inventories within the £10,001-£20,000 and £30,001-£40,000 price bands, demonstrating a shift towards medium-priced listings.
• Analysis of Number of Dealers by advert volumes indicates a stable market, with minor changes in each category.
• The Top 100 dealers increased their stock volumes significantly over the period, despite a very slight decrease in average price and Days on Market.

Total Market Analysis

Between 30th September and 7th October 2023, the market saw a slight decrease in Total Dealers and Rooftops, which possibly points at a market consolidation trend. However, Total Advert Numbers saw a significant rise during this same period, moving from 853,726 to 891,069.

Days on Market (DoM) Average

The Days on Market Average remained stagnant at 74 days during both periods. This signifies that on average, it took the same number of days to sell a car across periods.

Breakdown of Listings by Price Bands

This data shows that cars priced between £10,001-£20,000 were the most favoured amongst buyers, with a marginally higher inventory on the 7th of October as compared to the end of September.

Number of Dealers by Advert Volumes

There was only a minimal shift in the advert volume distribution amongst dealers, indicating a stable and balanced market scenario.

Analysis of Top 100 Dealers by Volume

Here we see that the Top 100 Dealers, which hold a significant market share, managed to boost their stock volumes from 205,607 to 212,592 over the week, revealing an upward trajectory for these dealerships

Price revision data – changes to advert prices

Increases in advert prices outnumbered decreases in both periods. However, the number of price reductions rose notably from 64,255 to 73,663. This may be explained by dealerships adjusting prices to achieve quicker sales.

Conclusion

Overall, the data points to a growing market with stable days on market and balanced dealership advert volumes. This analysis provides valuable insights for both buyers and sellers looking to navigate the car market in October 2023 efficiently.

Next week: 14th October | Annual Analysis: 2022-2023