Used car dealer stocks and days to sell remained stable in September as prices dipped marginally, according to the latest Market View from eBay Motors Group.
Stock levels 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. While car supermarkets dropped from 331 to 303 units, the second month-on-month fall.
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Petrol continues to account for over half of all dealer inventories listed on Motors.co.uk with a 5% year-on-year improvement to 53%, while diesel slipped 9% to take a 39% share. Meanwhile, alternative fuels grew sharply year-on-year with hybrid more than doubling its share to 6% and electric increasing by 98% to a 3% share.
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.
September’s fastest selling used car was the Tesla Model 3 averaging just 17 days in stock, followed by the Audi E-Tron (20 days) and Ford Mustang (21 days).
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By GlobalDataThe edging down of used car prices continued in September with a -1.1% (£203) drop to £17,536, although this remained 6% up year-on-year. This marked the fifth consecutive monthly drop, with prices peaking in January 2023 at £18,903.
The realignment of used EV prices, which has seen a succession of monthly drops, paused in September with a 1% increase to £31,203, although this was -15% down year-on-year.
“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,” said Lucy Tugby, Marketing Director of eBay Motors Group.
“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,” said Tugby.
