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UK Weekly Used Car Market Data – 4th May 2024

Overview of the Current UK Used Car Market (ICE)

In the week ending on May 4th, 2024, the total listings for used ICE vehicles have shown an increase, indicating a robust activity level in the automotive market. The total number of dealers listed was 10,476, a slight rise from the previous count of 10,421. Total listings also saw an upward trend, from 861,903 to 885,944. This increment reflects a growing inventory that dealers must be keenly aware of.

Breakdown of Listings by Price Bands

Analysing the price segmentation:

  • Vehicles priced between £10K-£20K continue to dominate the market, showing an increase from 215,078 to 232,055 listings.
  • The upper mid-range segments (£20K-£30K and £30K-£40K) also saw noticeable increases, indicating a healthy demand for moderately priced vehicles.

This distribution suggests that vehicles within the £10K-£40K price range are the most prevalent and possibly the most demanded in the current market, which could guide dealers in adjusting their inventory to meet consumer preferences.

used vehicles graph of the breakdown of listings by price bands

Number of Dealers by Advert Volumes

The number of dealers with small inventory volumes (0-100) slightly increased from 512 to 561. In contrast, dealers with larger inventory volumes (1K and above) also showed growth, from 192 to 208,496. This variation implies a diversified dealer environment where both small and large dealers are actively adjusting their stocks, possibly to optimise their sales strategies based on market demands.

used vehicles graph of the number of dealers by advert volumes

Analysis of Top 100 Dealers by Volume

The top 100 dealers have shown a remarkable consistency in their average days on market (DOM), slightly reducing from 49 to 47 days, which suggests that top dealers are becoming more efficient in turning over their inventory. However, the average price in these top dealers has seen a decrease from £22,424 to £22,042, aligning with broader market pricing trends which might be a response to consumer purchasing power or a strategic pricing adjustment to enhance sales volume.

used vehicles graph of top 100 dealers

The EV market is becoming increasingly significant, with total listings showing a robust engagement from dealers specialising in electric vehicles. The total number of electric listings slightly decreased from 149,237 to 129,607, indicating some fluctuation but overall stability in market interest.

The proportion of EVs in the market remains steady at 12.43%, showing that while growth is modest, the interest in electric vehicles is consistent. The average price for EVs has remained stable around £27,800, which is significantly higher than their ICE counterparts, indicating a premium market segment that may offer higher profit margins for dealers focusing on this sector.

Top Makes and Models

Data indicates that models like the Toyota Yaris are leading in advisability by make and model for electric vehicles. Such information is crucial for dealers to understand which models are most likely to attract buyers’ interest and command competitive pricing.

Marketcheck UK: Your Partner in Automotive Insights

At Marketcheck UK, we provide comprehensive data not just as figures but as insights that power your business decisions. Whether it’s through our CSV feeds, APIs, or advanced analytical tools, our data helps you understand not only the ‘what’ but also the ‘why’ and ‘how’ of market trends.

For automotive dealers looking to leverage this volatile market, staying updated with the latest data is essential. Our tools help you track price trends, days on market, dealer behaviour, and much more, tailored to your specific needs.