Franchised dealers’ used car stock levels received a welcome boost in October from an influx of part-exchanges following September’s plate-change, while prices and demand remained stable.
eBay Motors Group’s Market View analysis of October’s key trends found average dealer inventories increased 3% to 48 units, equalling July as the highest level for the year so far, and 4% higher than 12 months ago.
Trade-ins following the debut of the 73-plate saw franchised sites benefit from a 6% month-on-month increase from 53 to 56 units. Independent dealers’ stocks improved slightly from 36 to 37 units, although car supermarkets were down from 300 to 295 units, having peaked at 344 in July.
Improved supply saw greater numbers of electric vehicles (EVs) being sold by dealers on the Motors.co.uk platform with volumes up 9% month-on-month and 53% year-on-year, although overall they accounted for just 3% of all listings.
Hybrids also enjoyed better supply with an 11% month-on-month uplift, accounting for 6% of dealer stock.
Prices remained stable in October at £17,524, just £9 up on September, marking the smallest monthly movement, positive or negative, of the year. Overall prices are tracking at 3% higher than 12 months ago.
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Overall days to sell remained unchanged month-on-month at 36, with car supermarkets experiencing the fastest sales at just 27 days.
A combination of better supply and lower prices meant alternative fuelled vehicles were the fastest-selling used cars led by the hybrid Toyota Prius + (18 days), followed by the EV Tesla Model 3 (19 days) and Audi E-Tron (20 days).
“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,” said Lucy Tugby, Marketing Director of eBay Motors Group.
“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,” said Tugby