Volume models drive used car demand
Demand for used cars remains high with average selling times in June three days quicker than the same month last year.
This is based on analysis of about 85 million visits to the Auto Trader platform last month, which revealed consumer demand for used cars is up 13% year on year.
It found that demand was strongest in the volume model sector, with average sales times of 28 days compared to 30 days for premium brands.
Used cars
Meanwhile, middle-aged used cars in the three to five-year bracket leave forecourts in just 26 days, while those in the five to 10-year category sell in 27 days on average.
By contrast, used cars under a year old do not find a buyer for an average of 35 days.
Richard Walker, Auto Trader’s data and insights director, said:
“The speed at which used cars sell is an accurate barometer of the strength of the used car market and our data suggests it remains in very robust health as we enter the summer months. With such nuance in the market, the analysis also serves as a good reminder of the importance of looking at data on a granular level. A high-level view would suggest convertibles are under performing, but a quick look under the bonnet reveals there’s plenty of models bucking the overall trend with the final arrival of summer.”
