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UK Weekly Used Car Market Data – 30th March 2024

Introduction

In a constantly evolving UK automotive landscape, staying informed with the latest market data is not just beneficial—it’s essential. This week’s analysis of the used car market provides vital insights that can help dealers navigate the currents of this dynamic industry. Let’s dive into the data from the week ending on 30th March 2024, focusing on key metrics like average days on market (DOM), average price trends, and stock volumes across various price bands.

Overview of Current Market Dynamics

The week ending on 30th March 2024 saw a slight uptick in total listings, with 880,457 vehicles available, compared to 878,749 the previous week. This increase reflects a vibrant market, with dealers actively adjusting their inventories to meet consumer demand. The average DOM decreased to 82 from 83, suggesting a quicker turnover, which is great news for dealers looking to optimise their sales strategies.

The average price of used cars saw a slight increase, moving from £17,949 to £18,055. This indicates a growing consumer willingness to invest in higher-value vehicles or perhaps a shift in the market towards more premium or well-equipped models.

Breakdown of Listings by Price Bands

  • Under £10K: A slight increase in this segment suggests a consistent demand for more affordable vehicles.
  • £10K-£20K and £20K-£30K bands: These segments, which saw noticeable increases, are likely the sweet spot in the market, balancing affordability with modern features.
  • Higher price bands (£30K+): While these categories represent a smaller portion of the market, their stability is crucial for dealers specialising in premium vehicles.
Used car data graph price band volume comparison

Inventory Insights: Dealers by Advert Volumes

  • The data indicates a diverse range of inventory volumes, with a significant portion of dealers stocking between 0-100 and 101-250 vehicles. This diversity highlights the varied strategies and market positions of UK dealerships.
Used car data graph inventory volume band comparison

Analysis of Top 100 Dealers by Volume

  • The top 100 dealers are turning over their inventory faster (average DOM of 52) compared to the broader market. This efficiency might be due to better pricing strategies or a more desirable stock selection.
  • Despite the competitive market, these top dealers managed to increase their average price, demonstrating their ability to attract buyers willing to pay a premium for the right vehicle.
Top 100 Dealers comparison

Marketcheck UK: Your Data-Driven Partner

For UK automotive dealers, understanding these trends is not just about keeping up—it’s about staying ahead. Marketcheck UK offers comprehensive data solutions that enable you to analyse these market dynamics in real-time. Our tools can help you identify pricing strategies, stock the right vehicles, and ultimately, increase your sales margins.

Whether you’re adjusting your inventory based on price band popularity or strategising based on the performance of the top dealers, Marketcheck UK provides the insights you need to make informed decisions. Our data feeds, API access, and analytical tools are designed with your needs in mind, offering a clear view of the market that’s easy to understand and act upon.

Conclusion

Although dealers and rooftops saw a minor decline, the trend represented in this analysis suggests a potentially growing and efficient market, characterised by rising advert numbers, increasing listing prices, and the reduction of days on market average. Furthermore, the stable distribution of advert volumes among dealers and the dynamic price revisions indicate the market’s flexibility and responsiveness to changes.