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Home » Analysis » Market Analysis » UK Weekly Used Car Market Data – 9th December 2023

UK Weekly Used Car Market Data – 9th December 2023

As we head into Christmas we see a consistently increasing number of used car adverts showing price decreases. Reduced finance approvals, higher APR and no doubt consumers tightening spend are all having their impact.

Key Points

  • The total number of dealers and rooftops increased slightly from 9,933 to 9,976 and 13,822 to 13,958 respectively between 2nd and 9th December 2023.
  • Advert numbers decreased marginally from 930,675 to 916,899. However, the days on market (DoM) average remained constant at 82 days.
  • The volume bands “<£10,000” and “£10,001-£20,000” saw a slight increase in the number of listings whereas there was a slight decrease for the rest of the bands.
  • The number of dealers with less than 100 adverts and with 101-250 adverts increased; those with 501-1000 adverts fell, while the top tier (1000+ adverts) saw an increase.
  • A mixed trend was observed in the price revision data with a decrease in advert prices increasing from 76,595 to 78,226 whereas advert prices saw a decrease from 8,664 to 7,067.

Total Market Analysis

The analysis of the total market confirms a slight growth in the number of dealers (from 9,933 to 9,976) within a week. Similarly, there is an increase in the total number of rooftops from 13,822 to 13,958. However, there is a small drop in the total advert numbers from 930,675 to 916,899 in the same period. The average price of listing has slightly decreased from £18,726 to £18,610.

Days on Market (DoM) Average

There is no change in the average days on market (DoM) which remains consistent at 82 days for both periods. This indicates the stability of the market in the observed period.

Breakdown of Listings by Price Bands

graph showing breakdown of listings by price bands

The volume bands “<£10,000” and “£10,001-£20,000” experienced an increase in the number of listings, on the contrary, there was a slight decrease in the other higher bands.

Number of Dealers by Advert Volumes

chart showing number of dealers by advert volumes

The amount of dealers running less than 100 adverts and those running 101-250 adverts have both increased. There’s been a decrease in the 501-1000 adverts bracket, while the top tier (1000+ adverts) saw a growth.

Analysis of Top 100 Dealers by Volume

graph of top 100 Dealers by volume

Among the top 100 dealers by volume, the stock volumes show a very minor drop from 213,133 to 212,827, and the average price increased slightly from £21,987 to £22,073. The DoM reduced slightly from 58 to 57.

Price Revision Data – Changes to Advert Prices

Data shows a mixed trend where the number of decreases in advert prices are rising from 76,595 to 78,226 while increases in advert prices fell from 8,664 to 7,067.

Conclusion

Within the period of one week, the market analysis indicates a stable market condition, with minor fluctuations in dealer numbers, advert volumes and listing prices across different bands. Notably, price revision data shows that decreases in advert prices outpace increases.