Demand for used cars remained robust in August with dealers experiencing quicker sales and steady prices, according to Motors’ latest Market View report.
The average days to sell dropped to 28, a four-day improvement from July. Franchised dealers led with an average of 18 days, car supermarkets followed at 22 days, and independent dealers saw a notable seven-day month-on-month improvement, averaging 50 days.
Vehicle views increased by 7% month-on-month, reaching a yearly high, particularly for cars priced under £10,000.
The average advertised price of a used car remained stable at £17,362, with only a slight monthly decrease of £58. Year-on-year price differences narrowed, with August prices just £682 below the previous year, a significant shift from the £1,866 gap observed in February.
Stock levels held steady at an average of 53 units, reflecting a cautious approach by dealers who are replenishing inventory as vehicles are sold, rather than stocking up. This trend aligns with strong wholesale prices and tight supply.
Alternative-fuel vehicles (AFVs) continued to make gains, with electric vehicles (EVs) comprising 5% of dealer stock, up from 3% last August, and hybrids increasing from 6% to 9%.
This growth came at the expense of petrol and diesel vehicles, which now represent 53% and 34% of dealer stock, respectively.
The Vauxhall Corsa retained its position as the top-selling car on Motors for the fourth consecutive month, followed by the Ford Fiesta, Volkswagen Golf, Ford Focus, and BMW 1 Series.
Lucy Tugby, marketing director of Motors, noted that despite the summer holiday season, used car buyers remained active, with improved sales times and increased online activity. She emphasized the importance of affordability, highlighting strong interest in vehicles priced under £10,000, and welcomed the ongoing stability in the used car market.
