Overall buying activity in the used car market was strong in September, according to Motors. The fastest sales were achieved by franchised dealers (19 days), followed by car supermarkets (20 days) and independents (53 days).
Online views across the Motors platform increased by 10% MoM, a new high for 2024 and a 12% increase YoY. Most views were for used cars in the £5,000 to £10,000 and £10,000 to £15,000 price brackets.
Analysis of prices by fuel type saw electric vehicles (EVs) rise 1.5% (£408) MoM to £28,180, the third consecutive monthly rise, although tracking at 14% lower than last September.
Prices for hybrids dipped -1% (£180) MoM to £25,546, while petrol (£16,662) and diesel (£14,937) remained on a par with August.
“September’s Market View shows another month of stability across used car pricing, stock levels and days to sell, all positive trends for dealers against a backdrop of economic uncertainty and consumer hesitancy ahead of next month’s Budget,” said Lucy Tugby, marketing director of Motors.
“Buyers were busy online as searches on Motors hit a new high for the year, with increases across all retail segments. Car supermarkets made the most of the activity, demonstrating efficiency by achieving the fastest sales while maintaining leaner inventories.
“The regional variations in prices tracked by Market View underscores the importance of reviewing them on a daily and local basis to maintain a competitive advantage,” said Tugby.