9th May 2019 Dealers sold used cars faster in April than any other month so far this year, according to the latest Market View from Motors.co.uk.
The research shows used cars were sold on average in just 38 days during April, despite many showrooms being closed for two Easter bank holidays, one day faster than 12 months ago.
Average days in stock this year have fallen steadily since January’s high of 47 days, while stock volumes for April were on a par with 2018 at 69 units per dealership.
The fastest sales were achieved by supermarkets, averaging just 29 days, compared with 39 days for independents and 40 days for franchised dealers.
“Our Market View research shows how dealers are achieving a good balance of supply and demand, suggesting they are choosing the models they know will resonate with customers and selling them quickly as a result,” said Dermot Kelleher, Motors.co.uk’s head of marketing and business intelligence.
“With stock levels steady and days in stock reducing for the fourth consecutive month dealer bottom lines will receive a welcome boost from reduced funding costs. We anticipate this market trend will continue to increase competition to source the best ready to retail stock over the coming months,” he added.
Petrol was the fuel of choice for both dealers and customers in April, accounting for 51% of stock volumes, compared with 47% a year ago, and 53% of all online vehicle views. Average days in stock for petrol-engined cars remained unchanged year-on-year at 37 days.
Demand for diesel-engined cars remained stable in the used market accounting for 47% of stock volumes, compared with 51% a year ago, with online vehicle views down slightly from 47% to 46%. However, days to sell reduced year-on-year from 41 to 39.
“Although petrol has become the fuel of choice for used car buyers, the level of demand for diesels has not been diminished by the dramatic decline we have seen in the new car sector,” said Kelleher.
Electric cars remain a small percentage of dealer stock but are selling faster than a year ago with days in stock down from 41 to 36.
The fastest selling used car in April was the Jeep Renegade averaging just 23 days on dealer forecourts, followed by the Hyundai Tucson (26 days) and Volkswagen Polo (29 days).
You can see the full May Market View report from Motors.co.uk here.