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Home » Analysis » Market Analysis » UK Weekly Used Car Market Data – 27th January 2024

UK Weekly Used Car Market Data – 27th January 2024

Key Points

  • The total number of dealers and rooftops increased slightly during the week 20th to 27th January 2024, indicating a marginal expansion of the market.
  • The average price of the listing decreased over the same week, hinting to more competitive pricing strategies among sellers.
  • Market activity with respect to listings price bands showed an increasing concentration of vehicles priced under £10,000, suggesting a trend towards lower-priced listings.
  • Among dealers, the advert volumes remained almost the same, with a slight increase in dealers advertising 501-1000 and 1000+, implying more dealers moving towards larger inventories.
  • Price revision data showed a sharp increase in price increases and a decrease in price reductions, implying a stabilization in market prices.

Total Market Analysis

Comparing the market data between 20th and 27th January 2024 shows a slight increase in the total number of dealers and rooftops: from 10,083 to 10,060 dealers and 14,038 to 14,071 rooftops. Furthermore, a small decrease in the average price of listings was also observed (£18,356.0 to £18,263.0).

Days on Market (DoM) Average

The average number of Days on Market (DoM) remained constant at 91 days in both periods, suggesting a steady time-frame for vehicle trading.

Breakdown of Listings by Price Bands

The majority of listings in both periods were within the £10,001 – £20,000 price band, however, there was a marked increase in the number of listings priced under £10,000. The higher price bands saw a decrease, signifying a trend towards more affordable options.
breakdown of listings by price bands

Number of Dealers by Advert Volumes

Advert volumes for most of the dealers were less than 100 with a slight drop between the periods. Showing a small increase in the number of dealers advertising 501-1000 and 1000+.
number of dealers by advert volumes

Analysis of Top 100 Dealers by Volume

Analysing the top 100 dealers by volume reveals a drop in stock volumes and average prices. The data also shows a decrease in Days on Market (DoM), indicating a higher turnover for these dealers.
analysis of top 100 dealers by volume

Price revision data – changes to advert prices

The data showcases an increase in the number of price increases and a decrease in price reductions. This indicates a potential stabilization in market prices and a shift in pricing strategies of dealers.

Conclusion

In summary, the week’s comparison in January 2024 reveals a slight expansion in the market with an emphasis on lower-priced listings. The competitive nature of the market is apparent in the reduction of average listing prices. Advert volumes point to a tendency among dealers to hold larger inventories, and the shorter Days on Market (DoM) suggest an increased velocity of vehicle turnover, especially for top-performing dealers.