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Home » Analysis » Market Analysis » UK Weekly Used Car Market Data – 10th February 2024

UK Weekly Used Car Market Data – 10th February 2024

Introduction

Welcome to our comprehensive analysis of the UK’s used car market for the week ending 10th February 2024. This report delves into the latest trends and figures, providing a clear snapshot of the market dynamics, including dealer activity, listing prices, days on market (DoM), and stock levels among the top dealers. Whether you’re a dealer looking to gauge the market’s direction, an investor monitoring automotive trends, or a consumer considering a used car purchase, this analysis offers valuable insights into the current state of the industry.

Key points

  • The total number of dealers and rooftops experienced a slight decrease from 10,029 and 13,957 respectively on February 3rd 2024, to 10,008 and 13,717 on February 10th 2024.
  • The average day on market (DoM) reduced by a day from 90 to 89 over the one-week period. The average listing price, however, observed a minimal increase from £18,298 to £18,327.
  • In terms of listing price bands, all bands noticed a minute decrease, notably the £10,000 – £20,000 band that saw around 4,400 fewer listings.
  • There was a marginal drop in the number of dealers across all advert volumes. The largest advert volume category (Less than 100 adverts) showed a decrease of 6 dealers.
  • Analysis of the Top 100 dealers revealed a fall in stock volumes from 204,888 to 201,779. However, there was a slight increase in average price from £21,288 to £21,363 and a decrease in the Days on Market (DoM) from 60 to 59.

Total Market Analysis

The overall market in the specified week observed a mild dwindling trend with the number of dealers dropping from 10,029 to 10,008 and rooftops from 13,957 to 13,717. Despite these slight decreases, the average listing price saw a jump from £18,298 to £18,327.

Days on Market (DoM) Average

An interesting finding was the decrease in the Days on Market (DoM) average from 90 to 89. This decrease indicates a slight quickening of the sales process, a potentially positive sign for dealers.

Breakdown of Listings by Price Bands

The analysis of the listings based on price bands uncovered a slight contraction across all bands. The most impacted was the £10,001 – £20,000 category, seeing a decrease from 237,688 to 233,278.

UK used car market breakdown of listings by price bands chart

Number of Dealers by Advert Volumes

A marginal decline was observed in the number of dealers across all advertising volumes. The most affected category was the ‘less than 100 adverts’ group, which decreased by 6 dealers.

UK used car market number of dealers by advert volumes chart

Analysis of Top 100 Dealers by Volume

The top 100 dealers experienced a reduction in stock volumes over the week, from 204,888 to 201,779. Conversely, the average price rose from £21,288 to £21,363, and the Days on Market (DoM) saw a drop from 60 to 59.

UK used car market top 100 dealers by volume chart

Price revision data – changes to advert prices

The price revision data revealed an increase in both price increases and decreases, with the latter being higher. Price rises went from 10,922 to 16,096, while decreases escalated from 62,678 to 62,896.

Conclusion

In conclusion, the automotive market experienced slight variations over the week. While the number of dealers, rooftops, and listings saw a marginal contraction, there were improvements in the average listing price and Days on Market (DoM). Dealers should continue to focus on improving the DoM and maintaining a strong price structure to achieve better market penetration.