What is the trend in the second hand car market in the UK?

What is the trend in the second hand car market in the UK?

What is the trend in the second hand car market in the UK?

In March 2024, the number of used cars registered in the UK increased by 4,000 units to more than 541,000, which was the highest level since records began. Over the past decade, the increase in the number of used cars has been on a strong upward trajectory and it now stands at around 16 per cent higher than a year ago.

However, the proportion of used car sales in the market has been steadily falling, from 54.5 per cent in 2024 to 52.4 per cent last year. This decline has been caused by an increase in the number of new car sales over the same period.

It's believed that the new car market will continue to outperform the used car market as the recession drags on, with many buyers opting for new models. Sales of used cars in the first three months of 2024 were 5 per cent down on a year earlier.

There are several reasons why used car sales have been on the decline. The biggest reason is the recession. Due to the weak economy, people are spending less money on cars and therefore are less likely to buy used cars. In addition, the credit crunch has made it difficult for people to buy cars and drive them away.

The second most common reason is a shift in buyer behaviour, where people are buying smaller cars. This is because the average size of car on sale is now smaller, so small cars can be bought for lower prices.

Also, the industry is making a shift to selling more premium brands such as the Volkswagen Golf and Ford Focus. These cars are priced higher than their basic counterparts, and so they're bought as a second or third-hand car.

Despite this trend, the UK is still the world's largest used car market, accounting for around half of all new cars sold in Europe. However, if you're looking to buy a used car, keep in mind that the market is very competitive, so don't expect to get a cheap deal.

What's the second hand car market like in the UK? If you're looking to buy a second hand car, there are lots of factors that you need to consider. What type of car do you want, how much you can spend, and how old is the car? The average age of cars in the UK is 10 years and nine months.

What is the UK used car market prediction for 2024?

There are currently a few key market predictions for the used car market in the UK for the coming years. The main ones are based on the following key statistics from the Auto Trader and Auto Express.

Used car market prediction for the UK, by Auto Trader and Auto Express. Market forecasts for used car sales in the UK are based on the following key figures. The current used car market in the UK is around 12bn. The average age of cars sold is 8.8 years.

Used car market predictions in the UK for the coming years. While the first used car predictions for the UK were released a few months ago, and there is no doubt that the used car market in the UK is booming, there are a number of key predictions which are likely to continue to grow. These are based on the following key figures.

The number of cars sold in the UK is predicted to be around 12 million by 2024. The average age of cars sold in the UK is predicted to be around 5.9 years.

The forecast used car market in the UK for the coming years. According to the most recent Auto Trader and Auto Express predictions, there will be around 12 million cars sold in the UK by 2024. This is based on the following forecast: The used car market in the UK will be worth around 12bn by 2024. As these are the most recent predictions, they could change over time, but there is no doubt that there will be continued growth in the used car market in the UK. UK used car sales forecasts for the coming years. There are also a few used car sales forecasts for the UK, which are based on the following key figures: The number of used cars sold in the UK is expected to increase from 2.9 million to 3.

The average age of used cars sold in the UK is expected to increase from 7.5 years to 7.

Based on the most recent forecast from the Auto Trader and Auto Express, the UK used car market is expected to be worth 12bn in 2024.

Why are UK second-hand cars so expensive?

New cars in the UK are notoriously expensive. We all know that, but some have argued that second-hand cars are far pricier than new ones.

That's right, cars that are up to 10 years old can be worth 5,000 less than equivalent new models, according to the AThe average car on the road is now eight years old, and yet it's a brand-new model that has been bought for 20,000. So what's behind this? Is it just that old cars break down more often? Is there anything you can do about it? It's easy to get excited about the prospect of buying a new car, and buying something older and well-loved can feel like a bargain. You can even get a discount if you buy a used car off a dealer, as long as it's been registered as a new car. But is this really the best way to buy? For example, if you take a new car out for a test drive, is there any reason why you shouldn't go to a dealer and buy a used car that has done the same? They won't always be cheaper, but there are plenty of reasons why it might make sense to buy a car that's a few years old. It might be good value because you can get a better deal. Or you might get a better service from an older car.

And there are also plenty of reasons to buy a new car. You could save money on insurance, for example, or you may prefer the new car to a used one.

Is there anything you can do to save money? You might think that buying a used car is the only way to save money, but there are some ways to save money by buying a new car. For example, you could save money by choosing a model with a smaller engine. There are plenty of options to choose from, and if you look around you'll find some that are much cheaper than the car you'd normally buy.

You could also save money by getting the car serviced at an independent garage. This is usually free of charge for any car with less than 10 years of age, and you don't need to have your car serviced more than every two years.

Are used car prices dropping in the UK?

According to data collected by Auto Trader from a range of UK-based used car websites in December 2024, we find that a total of 16.4% of vehicles listed for sale on these sites in the UK were priced higher than they were two months earlier.

In fact, this rate of change (ie, 1.4% lower) is greater than at any other point during the time period of which these data are available.

And when the 16.4% of the listings (or their sellers) who did raise prices did so by an average of 10%, the combined effects were enough to push the combined mean price of the listings across all prices in a given month up by 2.9%, and to reduce the rate of price change from -3.3% to -2.

More than half (55%) of the 1,739 cars listed for sale on Auto Trader since July 2024 were raised in price over the last two months. Some 2,842 cars sold for less than they did one month previously, while nearly 3,000 saw a fall in the price they commanded.

The median value of the cars sold in the UK fell from 5,600 in December 2024 to 5,600 in December 2024, before rising to 6,500 in December 2024, and then falling to 5,300 in December 2024. That is a total fall of 1,000 in just over seven years.

But a total of 33% of the used cars and vans listed for sale on the website in the UK (1,937 cars and vans, or 2,212 cars if you include the 545 vans listed on the site since 2007) rose in price between September 2024 and December 2024. Of these, 609 vehicles were listed on the site for more than 30 days, and were therefore not included in the monthly sample: the other 678 were included, but only 496 rose in price.

These included the 468 cars listed on the site for more than three months, of which 225 were subsequently sold. So, the total number of listings - those in the sample plus those whose pricing details were missing - was 624, of which 603 (or 97.7%) were subsequently sold.

Only 1.

---

---