used car dealerships
Used car market on ‘firm footing’ despite drastic price falls in final months of 2023 – Car Dealer Magazine
Auto Trader says the used car market is on a ‘firm footing’ heading into 2024, despite a difficult end to the previous year.
The firm’s monthly Retail Price Index has found that used car prices fell 5.6% year-on-year in December to £17,064.
That result was also slightly down on November’s figure of £17,319 but experts insist there are reasons for used car dealers to be positive.
The firm’s analysts found that consumer demand on the platform remained robust throughout December, up 11.7% on December 2022 – the strongest pace of growth since July.
Overall used car transactions also increased by 4% in the final month of the year, leading Auto Trader to increase its Market Health metric from 6% in November to 10.6% in December.
The early signs in January have suggested more good news, with the number of visits to the site up nearly 4% during the first week of 2024.
That follows a total of over 67m cross platform visits in December – a year-on-year rise of 10.2%.
Elsewhere, used cars continued to sell quickly, taking an average of just 36 days in December.
The figures come after Car Dealer reported last week that AA Cars had found