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Home » Analysis » Market Analysis » UK Weekly Used Car Market Data – 14th October 2023

UK Weekly Used Car Market Data – 14th October 2023

Key Points

  • In the given period, from 7th October 2023 to 14th October 2023, the total number of dealers slightly increased from 9,748 to 9,862. This shows some growth in the market. (previous week here)
  • The listing price bands show concentration in the lower price ranges, especially for listings under £10,000, and between £10,001 and £20,000. In the analyzed period, a marginal increase in the number of listings is noted across all price bands.
  • The number of dealers with small advert volumes, i.e., less than 100 adverts and 101-250 adverts, significantly outnumber the ones with larger volumes. In this two week period, both categories saw an increase.
  • In terms of average prices from the top 100 dealers, a slight rise is seen from £22,104 to £22,204. The average duration on the market (DoM) also increased from 51 days to 52 for these dealers.
  • The price revision data showed more decreases than increases in both weeks. However, the number of decreases went up more than the increases, suggesting market conditions were making dealers reduce their prices more frequently.

Total Market Analysis

A comparison of the market analysis data from the 7th October 2023 and 14th October 2023 shows an increased number of dealers and total rooftops, totalling 9,862 and 13,344 respectively. The small increment suggests gradual market expansion.

Days on Market (DoM) Average

The average time a listing stays on the market remains unchanged at 74 days in the given period. This parameter signifies market dynamics, encompassing factors such as demand, price, and competition.

Breakdown of Listings by Price Bands

The majority of the listings fall under £10,000 and between £10,001 and £20,000. The two bands combined significantly surpass others, signifying a market trend favoring lower-priced items. Each band witnessed a minute increase from 7th October to 14th October.

A chart showing the breakdown of listings by bands.

Number of Dealers by Advert Volumes

Dealers with less than 100 adverts and 101-250 adverts dramatically outnumber dealers with larger volumes. While minor, both categories increased from 7th October to 14th October, implying a surge in dealers’ activity levels.

A chart showing the number of dealers by advert volumes.

Analysis of Top 100 Dealers by Volume

From the top 100 dealers by volume, there was a slight positive drift in stock volumes and average prices. However, the duration on the market (DoM) increased, possibly indicating slower demand.

A chart showing the analysis of top 100 dealers by volume.

Price Revision Data – Changes to Advert Prices

During this period, advert price decreases were more frequent than increases. This trend underlines more challenging conditions for dealers, prompting price reductions to attract buyers.

Conclusion

The analysis shows a slight upward trend in the number of dealers, listings, and prices. At the same time, the price revision data indicate sellers are adjusting their pricing strategies to meet market demands. These insights provide valuable information to stakeholders in formulating strategic decisions for their respective fields.