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Home » Analysis » Market Analysis » UK Weekly Used Car Market Data – 24th February 2024

UK Weekly Used Car Market Data – 24th February 2024

Key Points

  • Between 17th and 24th February 2024, the total number of dealers grew from 10,219 to 10,339, but the number of dealers running more than 1000 advertisements decreased.
  • The number of rooftops increased marginally from 14,030 to 14,098 within the same period. Simultaneously, the days spent on the market decreased on average from 88 to 87 days.
  • Within a week, the average listing price experienced a slight decrease, going from £18,123 to £17,999.
  • The total number of ads increased by 1,364, while the count in price bands between £10,001-£20,000 and £20,001-£30,000, and £40,001-£50,000 decreased. The number of adverts rose in price bands of under £10,000 and above £50,000.
  • The adjustments to the advert prices show an inflated proportion of decreases (57,517 to 52,795) compared to increases (14,552 to 19,722).

Total Market Analysis

Comparative market analysis from 17th February to 24th February 2024 indicates an increase in the total number of dealers and rooftops, from 10,219 to 10,339 and 14,030 to 14,098 respectively. Advertisements also received an uptick from 847,443 to 848,807.

Days on Market (DoM) Average

The average days on the market saw a small decrease indicating a faster turnaround for deals. This transition went from 88 days between listings and sales to 87 over just one week.

Breakdown of Listings by Price Bands

Changes in the number of listing by price bands were observed between 17th and 24th February 2024. Overall, the category of under £10,000 and over £50,000 saw a rise while the rest witnessed a drop in numbers.
UK Used Car Market Data graph showing the Breakdown of listings by bands

Number of Dealers by Advert Volumes

The data portrays a surge in the number of dealers operating less than 100 adverts but a decrease in dealers overseeing over 1000 adverts. Other categories remained relatively stable.
UK Used Car Market Data graph showing the Number of Dealers by Advert Volumes

Analysis of Top 100 Dealers by Volume

There was a minor decline in stock volumes for the top 100 dealers, with a slight dip in average price over the seven days. However, the Days on Market for their stock improved marginally.
UK Used Car Market Data graph showing the Analysis of Top 100 Dealers by Volume

Price revision data – changes to advert prices

Advert price alteration data indicates there were more decreases overall than increases. Though, the instances of price hikes grew over the week.

Conclusion

In conclusion, the market analysis from 17th to 24th February 2024 showcases a slight surge in activity, with the quantity of dealers and advertised listings increasing within the week. However, these changes are accompanied by a decrease in average advert prices and a shift in the breakdown of listings across different price bands. Advert price corrections have also climbed, showing signs of a bustling, highly competitive market.


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