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UK Weekly Used Car Market Data – 11th May 2024

Overview of the Current Used Car Market (ICE)

The internal combustion engine (ICE) segment remains a significant part of the UK automotive landscape. As of the week ending on 11th May 2024, the total number of dealers stood at 10,509, slightly up from 10,476 the previous week. This marginal increase reflects a stable dealership landscape. Total listings, however, saw a slight decrease from 885,944 to 868,204. This suggests a small contraction in the market offerings, which could be influenced by a variety of economic or seasonal factors.

Average Days on Market and Pricing Dynamics

The average days on market (DOM) for ICE vehicles have slightly increased from 80 to 81 days. Concurrently, the average price of vehicles remained relatively stable, decreasing minutely from £18,206 to £18,185. This stability in pricing amidst a slight increase in DOM may indicate a balancing act between supply and demand in the used car market.

Breakdown of Listings by Price Bands

A critical aspect to consider is the distribution of vehicle listings across different price bands. The volume of cars priced between £0-10K and £10-20K remains the highest, suggesting that more affordable vehicles dominate the market. However, there was a slight reduction in listings in these categories, reflecting the overall decrease in market listings.

car market in May - a graph showing a breakdown of car listings by price band

Analysis of Top 100 Dealers by Volume

The top 100 dealers are pivotal in the ICE used car market, controlling a significant portion of the market’s premium listings. These dealers have shown a slight increase in average days on market from 47 to 50 days. While the average price among these top dealers increased from £22,042 to £22,068, it’s crucial to note the strategic pricing adjustments they may need to consider in response to market demand and inventory levels.

car market in May - a graph showing analysis of the top 100 car dealers

Electric Used Car Market (EV) Insights

The electric vehicle (EV) market is gaining momentum, albeit from a smaller base compared to ICE vehicles. The total number of electric dealers increased slightly from 4,307 to 4,323, which is indicative of the growing interest in electric mobility.

EV Market Dynamics and Dealer Activity

The total listings for EVs have slightly decreased from 129,607 to 127,298. The average DOM for electric vehicles has increased from 67 to 68 days, suggesting that while interest is growing, the turnover rate for these vehicles is slower, potentially due to higher price points or consumer hesitancy around EV technology.

Breakdown of Listings by Price Bands for EVs

Analyzing the distribution of electric vehicle (EV) listings across various price bands offers critical insights into consumer preferences and market positioning. For the week ending 11th May 2024, the majority of EV listings are concentrated in the higher price segments, which aligns with the general market perception of EVs as premium offerings.

electric car market in May - a graph showing a breakdown of EV listings by price band
  • Lower Price Bands (£0-10K and £10-20K): These segments, while smaller in volume compared to higher bands, consist of 2,642 and 25,350 listings respectively. The presence in these bands suggests a segment of more affordable EV options that cater to budget-conscious consumers looking to enter the electric vehicle market.
  • Mid to High Price Bands (£20-30K to £40-50K): The substantial number of listings in these bands (from 22,113 in the £20-30K to 4,891 in the £40-50K range) highlights a robust interest in mid to premium range EVs. These vehicles typically offer better features, longer range, and more advanced technology, attracting consumers willing to invest in higher-quality electric mobility.
  • Luxury Segment (£50K+): With 4,101 listings, the luxury segment remains a significant part of the EV market. This segment caters to a niche market that prioritises luxury, high performance, and cutting-edge technology in their vehicles.

The average price for electric vehicles has remained almost constant at around £27,729, indicating stable pricing in this segment. The segmentation by price bands shows that the majority of EVs are listed above £20K, which highlights the premium nature of electric vehicles currently available in the market.

Percentage Share of EVs vs ICE

Electric vehicles currently represent 12.50% of the total used car market, a slight increase from 12.43% the previous week. This growth, while modest, points to a gradual but steady acceptance of electric vehicles in the used car market.

Conclusion: How Marketcheck UK Facilitates Dealers

For automotive dealers, understanding these nuanced shifts in the used car market is crucial for strategic decision-making. Marketcheck UK provides invaluable tools and data, from live listings to detailed analysis of market trends, empowering dealers to optimise their inventory and pricing strategies effectively. As the market evolves, staying informed through reliable data is not just an advantage—it’s a necessity for success in the competitive UK automotive industry.