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Home » Analysis » Market Analysis » UK Weekly Used Car Market Data – 2nd March 2024

UK Weekly Used Car Market Data – 2nd March 2024

Introduction

Explore a detailed analysis of the UK’s weekly used car market data for the week ending on 2nd March 2024. This report delves into various market dynamics, including dealer statistics, pricing trends, and inventory changes. It provides an in-depth look at the market’s stability, with insights into the Days on Market (DoM) average, price band shifts, and dealer activity, offering valuable information for stakeholders in the automotive industry.

Key Points

  • The total number of dealers and rooftops remained almost constant from 24th February 2024 to 2nd March 2024, with a slight decrease in dealers and increase in rooftops. Total market listing prices dropped slightly over this period.
  • The Days on Market (DoM) Average decreased by one day from 87 to 86, indicating faster turnover of listings.
  • The breakdown of listings by price bands shows minimal changes in each band, but noticeable increases in the lowest band (under £10,000).
  • The number of dealers by advert volume nearly stayed the same except in the category of dealers with more than 1000 ads, which saw a decrease.
  • Analysis of the top 100 dealers by volume shows a very slight decrease in stock volumes and a marginal increase in average prices. Price revision data shows declines in both price increases and decreases.

Total Market Analysis

The total market remained quite stable from 24th February 2024 to 2nd March 2024, with the number of dealers minimally decreasing from 10,339 to 10,333 and the number of rooftops subtly increasing from 14,098 to 14,101. As for the average listing price, it saw a slight decrease over this period, going from £17,999 to £17,848.

Days on Market (DoM) Average

There was an improvement in the turnover rate for dealers as the Days on Market (DoM) average reduced from 87 days on 24th February to 86 days by 2nd March.

Breakdown of Listings by Price Bands

The distribution of listings across price bands shows an augmentation in the least priced band, with numbers rising from 175,870 to 177,356, while all other bands saw very minute reductions in their figures.Used Car Market Data graph showing breakdown of listings by price bands

Number of Dealers by Advert Volumes

With regards to advert volumes, almost all categories saw small fluctuations – the only exception being in the case of dealers posting over 1,000 adverts falling from 52 to 50.Used Car Market Data graph showing number of dealers by adverts volume

Analysis of Top 100 Dealers by Volume

The top 100 dealers saw a minimal drop in stock volumes from 194,343 to 194,335, and the average price showed a minor increase from £21,329 to £21,465.Used Car Market Data graph showing top 100 dealers by volume

Price Revision Data – Changes to Advert Prices

Price revision data demonstrates a decrement in the number of both increased and decreased advert prices, indicating less volatility in the market.

Conclusion

In the week ending 2nd March, the UK’s Used Car Market Data revealed a notable level of stability, with minimal fluctuations indicating a robust market environment. Despite marginal shifts in specific segments, the overall steadiness underscores a resilient and dependable used car market, reflecting a balanced dynamic between supply and demand.