Marketcheck, the UK’s most significant source of data on the UK used car market, has today published statistics on the impressive growth of the whole used car market over the past year – the analysis shows notable changes across three key metrics analysed by Marketcheck.
There were 895,537 used car listings in September 2024. This is a 21% increase compared to September 2023, when 739,223 were on the market.
Interestingly, sales grew by a slightly higher percentage over the same time period, with a 24% increase. 336,504 used cars were sold in September 2024, compared with 270,002 the previous year in the same month.
There is further good news for motorists, with the average price of used cars decreasing by 7.6%, with the average sale price of £17,375.27 falling by £1,325.72 to £16,049.55 last month.
Industry expert, Ian Godbold of IGC Digital, commented: “The growth in used car listings and sales from September 2023 to September 2024 can be attributed to several key factors. A 21% increase in listings reflects a larger supply of vehicles, driven by defleeting activities and more people selling or trading in cars, due to increased new car registrations. 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.”
Alastair Campbell, Marketcheck UK, added – “This unprecedented growth in the used car market tells a fascinating story – Marketcheck UK will continue to analyse it using our wealth of information and data on all aspects of the used car industry.”
