Dealers are seeing a surge in pre-registrations as the market reverts to a pre-pandemic push market with big incentives to shift stock.
According to Auto Trader, the number of pre-registrations last month in the March plate-change rocketed 52% compared to March 2023.
Auto Trader uses the criteria of under 100 miles on the clock for pre-registered vehicles in the used sector.
Auto Trader currently has 18,655 cars which fit this criteria or 4.2% of the 441,249 cars on its platform.
Although the number of pre-registrations is “rising quickly” said Auto Trader it is still 37% less than it was in March 2019, prior to the pandemic.
Used car prices continue to fall, down 9% year on year despite health demand and limited supply due to lower new car sales in the pandemic.
In December 2023 Auto Trader said the new car market was set to return to a ‘push’ model in 2024, as carmakers battle slowing retail sales, new ZEV Mandate rules and increased competition from new entrants.