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Home » Analysis » Market Analysis » UK Weekly Used Car Market Data – 20th January 2024

UK Weekly Used Car Market Data – 20th January 2024

Key Points

  • The total number of dealers and rooftops saw a minuscule increase from 13th January 2024 to 20th January 2024, while the total advert numbers declined by around 19,656 ads.
  • The average Days on Market (DoM) reduced marginally from 92 to 91, within a week, indicating slightly faster sales of vehicles.
  • There was a decrease in the average price of listings by £122, from £18,478 to £18,356, and slight fluctuations in the breakdown of listings by price bands noticed.
  • No significant variations were seen in the number of dealers by advert volumes, except with dealers advertising 501-1000 and 1000+ adverts.
  • The top 100 dealers decreased their stock volumes, reduced their average price marginally and held a constant DoM of 65 days.

Total Market Analysis

From 13th January 2024 to 20th January 2024, the total market experienced a negligible rise in the number of dealers from 10,078 to 10,083. Pertaining to the rooftops, an increment by 1 was witnessed, from 14,037 to 14,038. However, the total number of adverts in the market saw a decline by about 19,656 affirming an unstable market behaviour.

Days on Market (DoM) Average

A subtle decrease in the DoM from 92 to 91 days over the week suggests a slight acceleration in the sale of vehicles. It implicitly hints towards a favorable market condition with enhanced fluidity in transactions.

Breakdown of Listings by Price Bands

During the week, there was an overall downsizing in the breakdown of listings by price bands, with the exception of cars priced under £10,000, which saw a slight increase. The number of listings in each price band over £10,000 fell, signaling a slowdown in the higher-price segment.

Graph showing the distribution of listings by price bands

Number of Dealers by Advert Volumes

Over the week, there was hardly any variation in the number of dealers by advert volumes for those advertising less than 500 adverts. However, there was a slight surge in dealers with 1000+ adverts and a decrease in those with 501-1000 adverts.

Graph showcasing the number of dealers by advert volumes

Analysis of Top 100 Dealers by Volume

The top 100 dealers by volume hinted at a deescalation in their stock volumes from 215,745 to 209,802, coupled with a slight decrease in average price from £21,568 to £21,499. Yet, the DoM remained constant at 65 days suggesting the sustained market tempo.

Graph illustrating the analysis of top 100 dealers by volume

Price Revision Data – Changes to Advert Prices

There was a manifest reduction in both the upward and downward price revisions over the week. With lesser increases and decreases, price revisions appear to be stabilizing, signaling consistency in the market prices.

Conclusion

In summary, the analyzed week revealed a relatively consistent market with minor fluctuations in various aspects. The marginal increase in dealers and rooftops, along with the decline in advert numbers, points to a shift in the market structure. Price trends were more or less stable, with under £10k vehicles registering an increased footprint in the market. Overall, the trends call for a detailed eye on the market to understand its intricate movements, further helping in strategic planning and decision-making.