Dealer demand sees used cars snapped up in hours

Used cars are selling to dealerships in an average time of just 36 hours, with some models attracting a buyer in only two hours.

According to car-selling platform HonkHonk, which links consumers with dealerships, the average sales time is now nearly a day (22 hours) quicker than the final quarter of last year.

It says the acceleration is partly due to the fact that last year motorists did not appreciate that values had fallen and as such were rejecting fair offers. However, that dynamic has now changed while growing demand means dealers are eager to secure new stock as quickly as possible.

Sebastien Duval, CEO of HonkHonk, said: “Motorists have adjusted to more realistic expectations, so dealers are less frustrated by having their best offers rejected – a consistent problem we reported last year.”

Its data found that most cars priced under £10,000, in good condition and with full service history, are selling within 24 hours, although dealers will still buy cars with incomplete service history and minor damage.

However, underlining the health of the market, it said the quickest selling models come from all sectors of the market, with a £4,000 Vauxhall Corsa, a £42,000 Aston Martin Vantage, and an Audi RS3, valued at £51,000, all among the top 10 fastest selling cars.