The used automobile market is about for a robust end to 2024, in accordance with Auto Dealer.
The typical worth of a used automobile final month was £16,408, down -7.4% YoY on a like-for-like foundation however the lowest annual decline since December 2023.
Richard Walker, Auto Dealer’s Knowledge & Insights Director, stated: “It’s good to see retailers exhibiting extra assured pricing tendencies and following the provision and demand knowledge, serving to 2024 finish on a far stronger observe than 2023.
“Final 12 months, many retailers had been unnerved by largely unwarranted worth cuts within the wholesale market however fortunately in the present day’s ranges of demand, mixed with persevering with tightness of provide, imply that we haven’t seen that sample repeated this 12 months.
Month-on-month, the market has risen 1% which is up from October 2023 (-0.2%) however has not returned to pre-pandemic averages of round 1.9%.
There have been sustained ranges of shopper demand and ongoing constraints in used automobile provide. While YoY provide was down -5.6% in October, Auto Dealer’s knowledge confirmed that demand on its platform had risen strongly for the fourth consecutive month, growing 9.9% YoY.
Auto Dealer’s market well being indicator elevated by 16.4% YoY as demand outpaced provide and vehicles offered quicker (on common 29 days) to go away forecourts in October, three days faster than the identical month final 12 months. Retailers are pricing extra confidently than this time final 12 months
Used petrol automobile present the smallest decline, down -6.4% YoY at £14,699, diesels down -7.1% at £14,066 and EVs priced 13.4% decrease (£26,819). The everyday plug-in hybrid is down 12.5% year-on-year (£30,834).
Used EVs carried out nicely in October with used BEV costs rising (2.1%) MoM for the primary time in two years.
Walker stated: “Strong market well being indicators within the used electrical market are a shiny spot as we see total BEV costs up month on month. The three-5 12 months outdated EV phase continues to steer the general market in promoting quicker than all others.
“We’re hopeful that as retailer confidence continues to grow in the second-hand electric segment, more and more will be ready to get involved and – as with all segments of the market – we’d urge all retailers to use data to make informed electric stocking decisions.”
