Used cars are now being sold almost twice as fast as in 2023
- Trading platform HonkHonk reports that some car models are sold within two hours
- Used car market shows strongest sign yet of recovery from last year’s crash
- Prices are rising for all used cars in good condition
Used cars are now selling at almost twice the rate they will in 2023, which is the strongest sign yet that the market has recovered from last year’s crash.
Trading platform HonkHonk reports that some used cars are sold to dealers within two hours of being listed on the online platform.
The prices paid are also increasing for models across the board that are also in good condition.
Used cars are now selling at almost twice the rate they will in 2023, which is the strongest sign yet that the market has recovered from last year’s crash. Some used cars are sold within two hours of being listed on the HonkHonk trading platform
In December last year, This is Money reported that used car prices fell by 4.2 percent in both months in October and November – the biggest monthly fall in average second-hand prices recorded by Cap Hpi since May 2011.
That equated to an average price drop of £1,625 in just two months.
But now the general recovery of the second-hand market appears to be on an upward trend again, with HonkHonk finding that demand for cars of all styles is increasing.
The ten faster sellers in recent weeks varied greatly by budget and model.
It includes a standard Vauxhall Corsa worth £4,000, an Aston Martin Vantage worth £42,750 and an Audi RS3, sold for £51,000.
The two fastest-selling cars were a 2019 Range Rover Sport, which cost £34,500, and a 2022 Volvo XC40, which was bought for £27,500. Both were sold within two hours of the owner posting them on HonkHonk.
The car that remained unsold the longest was a 2006 Aston Martin Vantage Coupé, which remained on the site for 144 hours.
Most cars priced under €10,000, in good condition and with full service history, are sold within 24 hours.
The slowest car to shift gears was a 2006 Aston Martin Vantage Coupé, which remained on the site for 144 hours.
While nearly new, pre-owned luxury cars can sell very quickly, older models with premium badges take longer to convert, requiring dealers to first line up a customer
| Year | To make | Fashion model | Value | O’clock | To dawn |
|---|---|---|---|---|---|
| 2019 | Range Rover | Sport | 34500 | 2 | 1 |
| 2022 | Volvo | XC40 | 27500 | 2 | 1 |
| 2017 | Kia | Sportage | 11750 | 4 | 1 |
| 2021 | Audi | A1 | 20000 | 4 | 1 |
| 2016 | Opel | Corsa 5dr | 4000 | 4 | 1 |
| 2017 | Aston Martin | Benefit | 42750 | 4 | 1 |
| 2023 | Audi | RS3 | 51000 | 6 | 1 |
| 2013 | Nissan | Qashqai | 4600 | 7 | 1 |
| 2019 | Mercedes | GLE | 35000 | 8 | 1 |
| 2020 | Ford | Fiesta ST | 13500 | 12 | 1 |
| 2014 | Volkswagen | Polo | 3900 | 20 | 1 |
| 2013 | Lemon | C1 | 5000 | 22 | 1 |
| 2019 | Renault | Qajar | 11600 | 48 | 2 |
| 2019 | Mercedes | C-Class Cabriolet | 18500 | 51 | 3 |
| 2013 | Fiat | 500 | 3500 | 69 | 3 |
| 2014 | BMW | 4 Series Convertible | 14800 | 71 | 3 |
| 2018 | Mini | Countryman | 15300 | 74 | 4 |
| 2015 | Audi | A3 | 8000 | 87 | 3 |
| 2012 | Porsche | Cayman | 22500 | 94 | 3 |
| 2006 | Aston Martin | Vantage Coupe | 16000 | 144 | 6 |
| Source – HonkHonk | |||||
Prestigious brands over ten years old require the dealer to have a customer who already wants that exact model in mind before they make a serious offer.
Despite the year-end slump, the UK used car market grew 5.1 per cent in 2023, thanks to renewed supply, leveling out prices and a record year for electric vehicle (EV) sales.
The latest figures from the Society of Motor Manufacturers and Traders (SMMT) show that there were 7,242,692 used car transactions last year, with drivers turning to cheaper second-hand motors after feeling the pressure of rising living costs.
Motorists last year were often unaware of the mercy of unusually high depreciation and the rejection of good offers. Dealers then urged drivers to accept the first offer they received, as it was usually the best.
But now that dynamic has changed in 2024, as demand increases and dealers bring the best cars to market as quickly as possible.
SMMT figures show that the used car market will grow by 5.1 percent in 2023, with prices stabilizing and supply increasing as a result of the growth.
Sebastien Duval said: “For most other cars, regardless of size or style, demand is strong from dealers looking for shares in a market that is much stronger than last year.
“The sales speed we are seeing now is very good news for consumers, because no one wants a lengthy process once they have decided to sell.
“Motorists have also adapted to more realistic expectations, so dealers become less frustrated when their best offers are rejected – a consistent problem we reported last year – so everyone wins.”