10:18 am, September 29, 2023
Used car prices have dipped in September but dealers have enjoyed stable stock levels.
That is according to statistics from eBay Motors Group, which has been analysing the statistics as part of its latest Market View report.
The firm found that the ninth month of the year has seen the average price of a used car drop to £17,536 – a dip of 1.1 per cent (£203) compared to August.
The result represents the fifth consecutive monthly drop, after prices peaked at £18,903 in January.
Experts say the decline is being driven by tumbling used EV prices which are currently 15 per cent down year-on-year.
Despite the gradual decline, eBay says there is no need for dealers to panic, with overall values still six per cent up on the same point last year.
Throughout this month, stock levels have averaged 47 units, compared to 48 in August, with franchised dealers down just one unit month-on-month at 53 and independents unchanged at 36.
Meanwhile, car supermarkets dropped from 331 to 303 units, the second month-on-month fall.
Days to sell averaged 35, compared to 36 in August, tracking at the same level since May but outpacing the year-on-year figure of 38.
Franchised dealers saw the biggest month-on-month improvement from 32 to 29 days, their fastest so far this year.
Car supermarkets remained unchanged at 28 days, while independents increased from 46 to 49 days.
Reacting to the findings, Lucy Tugby, Marketing Director of eBay Motors Group, said: ‘September proved to be a relatively stable month for the used car market with consistent month-on-month tracking across stock levels, demand and prices.
‘While the 73 plate-change will have generated welcome part-exchange volumes for franchised dealers, our data suggests many of these vehicles are still being processed and prepared for sale over the coming weeks.
‘The shortage of stock remains a challenge for all dealers with the dip in car supermarket volumes suggesting they are not moving to replenish inventories that had been built up over the summer period.
‘While independents continue to navigate their way through the overall shortage of stock by cherry picking vehicles they know will resonate with buyers.’
