The used car market has experienced remarkable growth over the past year, with the latest data from Marketcheck showing a 21% rise in listings since September 2023.
In September alone, 895,537 used cars were listed, compared to 739,223 the same month last year. Used car sales followed suit, climbing 24% year-on-year, from 270,002 to 336,504 vehicles sold.
The report offers good news for consumers: the average price of used cars has decreased by 7.6%. The average sale price has dropped from £17,375.27 to £16,049.55 in just one year, a reduction of £1,325.72.
Ian Godbold of IGC Digital attributes this expansion to increased vehicle listings due to higher new car registrations and defleeting activities, while consumer demand remains high.
“Sales saw a rise, fuelled by strong consumer demand and an 8% drop in average prices, making used cars more affordable. This aligns with the broader trend of steady market growth, with a 7.2% increase in Q2 2024, marking the sixth consecutive quarter of expansion.
“While traditional petrol and diesel cars still dominate the market, a 52.6% surge in used electric vehicle (EV) sales highlights growing interest in sustainable options. In summary, increased supply, competitive pricing, and shifting consumer preferences are driving the expansion of the used car market.”