7:54 am, October 30, 2023
September’s new plate day sparked an influx in part-exchange vehicles which have significantly boosted used car dealer’s stock levels this month.
That is according to fresh data from eBay Motors Group which says that the ‘welcome boost’ was part of a stable month for the motor trade.
October has seen both prices and demand remain at similar levels to last month, with the average cost of a used car rising just £9 to £17,524.
Meanwhile, overall prices are tracking at three per cent higher than the same point in 2022.
eBay’s Market View analysis of October’s key trends found that average dealer inventories also increased by three per cent to 48 units.
The figure equals July as the highest level for the year so far and represents a year-on-year rise of around four per cent.
Trade-ins, following the introduction of the 73-plate, saw franchised sites benefit from a six per cent month-on-month increase from 53 to 56 units.
Elsewhere, independent dealers’ stocks improved slightly from 36 to 37 units, and car supermarkets were down from 300 to 295 units.
When it came to alternatively fuelled cars, the improved supply meant a greater number of EV’s being sold on Motors.co.uk, with volumes up nine per cent month-on-month and 53 per cent year-on-year.
Hybrids also enjoyed better supply with an 11 per cent month-on-month uplift, accounting for six per cent of dealer stock.
Electrified models also lead the way when it came to days to sell with the Toyota Prius named October’s fastest-selling used car.
Dealer’s shifted the Japanese model in an average of 18 days, ahead of the Tesla Model 3 (19 days) and the Audi E-Tron (20 days).
Despite the improvements, there remains some way to go for electric cars with EVs still only accounting for three per cent of all listings.
Overall days to sell remained unchanged month-on-month at 36, with car supermarkets experiencing the fastest sales at just 27 days.
In response to the data’s findings, Lucy Tugby, marketing director of eBay Motors Group, said: ‘The flow of part-exchanges, including desirable end of contract fleet and PCP vehicles, into the used car market gathered momentum in October, following a strong start for the new 73-plate.
‘This is welcome news for dealers who have been working their way through this year’s supply challenges.
‘EVs are playing an ever increasing role in the used market as dealers take advantage of lower wholesale values and retail them at prices that are more affordable for used car buyers.’
