Used car market remains steady in September.

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【Summary】Used car stock levels and demand remained stable in September, with prices experiencing a marginal dip. The average stock level was 47 units, and days to sell averaged 35. Petrol cars accounted for over half of dealer inventories, while diesel slipped to a 39% share. Hybrid and electric vehicles saw significant year-on-year growth. The fastest-selling used car in September was the Tesla Model 3. Used car prices dropped by 1.1% to £17,536, marking the fifth consecutive monthly drop.

FutureCar Staff Oct 10, 2023 6:29 AM PT

Used car market remains steady in September.

According to the latest Market View from eBay Motors Group, the stock levels and days to sell for used car dealers remained stable in September. The average stock level was 47 units, with franchised dealers at 53 units and independents at 36 units. Car supermarkets experienced a slight decrease from 331 units to 303 units.

When it comes to fuel types, petrol accounted for over half of all dealer inventories listed on Motors.co.uk, with a 5% year-on-year improvement to 53%. Diesel, on the other hand, slipped 9% to take a 39% share. Alternative fuels showed significant growth, with hybrid more than doubling its share to 6% and electric increasing by 98% to a 3% share.

The average number of days to sell a used car in September was 35, compared to 36 in August. This is consistent with the levels seen since May and is better than the year-on-year figure of 38. Franchised dealers saw the biggest improvement, with their average days to sell decreasing from 32 to 29, the fastest so far this year. Car supermarkets remained unchanged at 28 days, while independents increased from 46 to 49 days.

In terms of the fastest selling used cars in September, the Tesla Model 3 took the top spot, averaging just 17 days in stock. This was followed by the Audi E-Tron at 20 days and the Ford Mustang at 21 days.

Lucy Tugby, Marketing Director of eBay Motors Group, commented on the stability of the used car market in September. She noted that while the 73 plate-change generated part-exchange volumes for franchised dealers, many of these vehicles are still being processed and prepared for sale. The shortage of stock continues to be a challenge for all dealers, with car supermarkets not replenishing inventories and independents carefully selecting vehicles that will resonate with buyers.

The article also mentions that used car prices continued to edge down in September, with a 1.1% drop to £17,536. However, this is still 6% higher than the previous year. The prices of used electric vehicles paused their downward trend in September, with a 1% increase to £31,203, although this was 15% lower than the previous year.