Strong demand sees used cars accelerate off forecourts
October 6, 2020
Strong consumer demand for used cars in September saw cars shifting off forecourts at the fastest rate since showrooms re-opened in June.
Days to sell continued to normalise averaging 47.2 days, a 10-day improvement on August’s figure and closer to the 41.5 days being averaged in September 2019.
Although the shortage of used vehicles continues to hit inventory levels, with the average dealer trading 46.4 cars, 12 fewer than September 2019, month-on-month stock levels saw marginal improvements across independent and car supermarket sites with franchised dealers broadly stocking the same volume.
The buoyant market saw average prices for the top 50 leading makes and models rise 1.8% month-on-month to £12,604, with franchised dealer prices experiencing the biggest increase up 2% to £14,796.
“September’s a key month for the used sector with buyer activity stimulated by the plate-change, so it was encouraging to see dealers enjoying a much needed boost with cars being sold significantly faster than at any point since the lockdown,” said Marc Robinson, head of sales at eBay Motors Group.
“While the increase in advertised prices will help bottom lines, supply remains a challenge and we hope this will ease in Q4.”
Audi dominated September’s top five fastest selling cars with the Audi S3 selling in just 31.5 days, the Audi S5 in 31.7 days and Mercedes-Benz A Class in 31.8 days. Followed by the Audi A1 and Skoda Karoq both averaging 32.2 days.
Despite the decline in demand for diesel cars in the new car market, they remained popular among used buyers even selling marginally faster than petrol cars at 46.3 days, compared to 46.6 days.
Alternative fuel vehicles took significantly longer to sell year-on-year with electric vehicles averaging 59.8 days, compared to 47.6 days, and hybrids averaging 71.2 days, compared with 44.8 days.