The shortage of youthful automobiles filtering into the used market is making its influence felt, in response to first-quarter Supplier Public sale figures.
Commenting on the most recent information, Kieran TeeBoon, Supplier Public sale’s market director, thinks uncertainty round inventory availability, cost-of-living pressures and pricing might help the concept that fleets and shoppers are hanging onto vehicles for longer, pushing averages up.
“The statistics inform an fascinating story concerning the continued shortage of youthful automobiles filtering into the used market. Greater than three million fewer automobiles than anticipated have been registered within the UK between March 2020 and the tip of 2023 and we’re now feeling the influence of that quantity loss within the used market.”
An upswing within the age and mileage of automobiles bought on Supplier Public sale within the first quarter highlights market situations and the persevering with shortage of youthful vehicles. In the identical interval final yr, the typical mileage for a automobile listed was 67,744 miles with an age of 8.7 years. This yr’s Q1 figures are 72,832 miles and 9.2 years – a rise of seven.5% and 5.7% respectively.
Even so, greater than 1 / 4 of one million bids have been logged on Supplier Public sale within the first quarter of 2024 – a 19% enhance on figures for the tail finish of 2023 and constructive proof of an keen and lively used automobile market.
TeeBoon stated: “It’s been a largely constructive begin to 2024 with a substantial rise within the variety of auctions ending and greater than 253,000 bids positioned. We noticed a marked enhance in automobiles listed and lively consumers versus This fall too.”
Each gross sales efficiency and days to promote held robust with the whole variety of auctions throughout the three months rocketing to 34,000, 1,000 greater than on the finish of 2023. Common days to promote have been comparable between the quarters (4.0 to 4.1), whereas CAP clear efficiency nosed in entrance of the earlier quarter by greater than 1%.
Different notable statistics on Supplier Public sale for the primary 91 days of 2024 embrace a 3% drop within the variety of diesels bought. In the meantime, there’s been a shift in alternatively fuelled automobile gross sales numbers – hybrids have jumped by nearly 3% whereas EVs have decreased by greater than 2% in comparison with the primary quarter of 2023.
TeeBoon added: “A leap in gross sales for hybrids reveals that eco-friendly automobiles are more and more, albeit slowly, making their mark on the used market.”