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Home » Analysis » Market Analysis » UK Weekly Used Car Market Data – 17th February 2024

UK Weekly Used Car Market Data – 17th February 2024

Explore the latest trends in the UK used car market with our comprehensive analysis for the week of 17th February 2024. This report delves into dealer activities, price changes, and market dynamics to provide insights for investors and dealers.

Key Points

  • The number of total dealers increased by 211 from 10,008 to 10,219 between the 10th and 17th of February, 2024.
  • Advert volumes declined marginally, from 862,679 to 847,443 during the same period, with the majority of listings priced below £20,000.
  • Days on Market (DoM) average reduced by 1 day while the average listing price fell by £204 within the week.
  • Majority of the dealers have less than 100 adverts, and this group experienced a growth from 9,196 to 9,411 dealers.
  • A significant number of price revisions were seen with more decreases than increases, pointing to a downward trend in market prices.

Total Market Analysis

In the space of a week from the 10th to the 17th of February 2024, the market experienced a slight increase in the total number of dealerships, with numbers growing from 10,008 to 10,219.

Days on Market (DoM) Average

The average time a listing stayed on the market reduced by a single day within the same week, from 89 to 88 days. This suggests that the market’s liquidity improved slightly over this period.

Breakdown of Listings by Price Bands

An analysis of the listings according to their price bands revealed that majority of the listings were priced below £20,000. There were more listings in the lower price range, especially under £10,000 and between £10,001 to £20,000. The manufacturers appear to be more focused on the less expensive market segment.

UK used car market price band volume graph

Number of Dealers by Advert Volumes

Looking into the distribution of dealers by advertisement volumes, it’s evident that the majority have less than 100 adverts. The number of dealers in this category has grown from 9,196 to 9,411, suggesting a potential rise in smaller business operations.

UK used car market inventory volume per band graph

Analysis of Top 100 Dealers by Volume

The top 100 dealers, who are typically high volume players, showed a slight fall in stock volumes, though their average product price nearly remained constant. This subset of the market may be demonstrating resilience in the face of wider economic trends.

UK used car market top 100 dealers graph

Price Revision Data: Changes to Advert Prices

Notably, there were more decreases than increases in advert prices. This could be a result of inventory adjustments in light of market demand and selling trends, aiming for quicker rotation of products on sale.

Conclusion

In sum, the theoretical market analysis shows that the second week of February 2024 was characterised by a marginal increase in dealership numbers, a small decrease in advert volumes, and a more substantial reduction in the average listing price. There have been more price reductions than increases, indicating a possible slowdown in the market.