7:15 am, August 4, 2024
Car supermarkets enjoyed a strong month in July as drivers looked to prioritise affordability.
That is according to the latest Market View report from Motors, which found that stock levels for used car supermarkets reached their highest levels of 2024 in seventh month of the year.
The sector has now increased its stock levels in every month since March with the average stock per site now sitting at 274 units.
The figure is up from 252 units in June but remains 10% down on the same point last year, when used car supermarkets were stocking an average of 303 units.
Overall, dealer inventories averaged 53 units in July, up from 51 in June and just behind 54 units 12 months ago.
The rise in volumes was mostly driven by car supermarkets but franchised dealer stock levels also increased to 60 units, compared to 56 in June. Meanwhile, independents remained unchanged month-on-month at 39 units.
When it came to powertrains, the proportion of used EVs stocked by dealers increased from 3% in June to 5% in July, while hybrids increased from 7% to 9%.
Both gains came at the expense of petrol, down from 54% to 52% and diesel, down from 36% to 34%.
Motors’ analysis found that affordability was a key factor driving buying behaviour last month, with almost half (43%) of all searches coming for cars aged between six and 12-years-old.
Around 38% of all searches were for medium-sized vehicles, with the average advertised price of a used car on Motors standing at £17,410.
Commenting on the findings, Lucy Tugby, marketing director of Motors, said: ‘July was a further stable month for the used car market in terms of supply and demand.
‘Car supermarkets made the most of a succession of book drops in the wholesale market to continue to replenish stocks and build in some margin.
‘Our data shows how affordability remains at the front of buyers’ minds with older family-size cars attracting the most interest online and rewarding dealers spotting the opportunity to source these essential purchase vehicles.
‘The small increase in used EVs being stocked by dealers and the gradual increase in online searches for them are encouraging trends which we will be monitoring closely over the coming months.’
