- Trading platform HonkHonk reports that some car models sell out in two hours
- Used car market shows strongest sign yet of recovering from last year’s collapse
- Prices rise for all used cars in good condition
Used cars are now selling almost twice as fast as in 2023, in the strongest sign yet that the market has recovered from last year’s slump.
Trading platform HonkHonk reports that some used cars are selling to dealers within two hours of being listed on the online platform.
Prices paid are also increasing for general models that are also in good condition.
Used cars are now selling almost twice as fast as in 2023, in the strongest sign yet that the market has recovered from last year’s slump. Some used cars sell within two hours of being listed on the HonkHonk trading platform.
In December last year, This is Money reported that the months of October and November saw a 4.2 percent drop in used car prices in both months, the largest monthly drop in average car prices. second hand registered by Cap Hpi since May 2011.
That equated to an average price drop of £1,625 in just two months.
But now the overall second-hand market recovery appears to be on an upward trend again, and HonkHonk has found that cars of all styles are seeing increasing demand.
The top ten fastest sellers in recent weeks varied wildly across budgets and models.
It includes a standard Vauxhall Corsa valued at £4,000, an Aston Martin Vantage valued at £42,750 and an Audi RS3, sold for £51,000.
The two best-selling cars were a 2019 Range Rover Sport for £34,500 and a 2022 Volvo XC40 which was bought for £27,500; both were purchased within two hours of being listed on HonkHonk by their owners.
The car that remained unsold the longest was a 2006 Aston Martin Vantage Coupe, which sat on the site for 144 hours.
Most cars priced under £10,000, in good condition and with a full service history, sell within 24 hours.
The car that took the longest to shift gears was a 2006 Aston Martin Vantage Coupe, which remained in place for 144 hours.
While nearly new second-hand luxury cars can sell very quickly, older models with premium badges will take longer to turn over, and dealers will have to find a customer first.
| Year | Do | Model | Worth | Hours | Days |
|---|---|---|---|---|---|
| 2019 | range rover | Sport | 34500 | 2 | 1 |
| 2022 | volvo | XC40 | 27500 | 2 | 1 |
| 2017 | kia | sport | 11750 | 4 | 1 |
| 2021 | Audi | A1 | 20000 | 4 | 1 |
| 2016 | Opel | Corsa 5 doors | 4000 | 4 | 1 |
| 2017 | Aston Martin | Advantage | 42750 | 4 | 1 |
| 2023 | Audi | RS3 | 51000 | 6 | 1 |
| 2013 | nissan | Qashqai | 4600 | 7 | 1 |
| 2019 | Mercedes | GLE | 35000 | 8 | 1 |
| 2020 | Ford | ST Party | 13500 | 12 | 1 |
| 2014 | volkswagen | pole | 3900 | twenty | 1 |
| 2013 | Citroen | C1 | 5000 | 22 | 1 |
| 2019 | renault | kadjar | 11600 | 48 | 2 |
| 2019 | Mercedes | C-Class Cabrio | 18500 | 51 | 3 |
| 2013 | Fiat | 500 | 3500 | 69 | 3 |
| 2014 | bmw | Series 4 Cabrio | 14800 | 71 | 3 |
| 2018 | Mini | Compatriot | 15300 | 74 | 4 |
| 2015 | Audi | A3 | 8000 | 87 | 3 |
| 2012 | porsche | Alligator | 22500 | 94 | 3 |
| 2006 | Aston Martin | Advantageous coupe | 16000 | 144 | 6 |
| Source – HonkHonk | |||||
Prestigious brands that are more than ten years old need the dealer to have a customer in mind who already wants that exact model before making a serious offer.
Despite the end-of-year slump, the UK used car market grew by 5.1 percent in 2023, thanks to revitalized supply, leveling off prices and a record year for sales of electric vehicles (EV).
Latest figures from the Society of Motor Manufacturers and Traders (SMMT) show there were 7,242,692 used car transactions last year, with drivers turning to more affordable second-hand motors after feeling the impact of rising prices. cost of living.
Last year motorists were often unaware that the price of depreciation was unusually high and rejected good offers. Dealers subsequently urged drivers to accept the first offer they received because it was usually the best.
But now that dynamic has changed in 2024, as demand increases and dealers snap up the best cars as quickly as possible.
SMMT figures show the used car market grew by 5.1 percent in 2023, with price leveling and increased supply attributed to the growth.
Sebastien Duval said: ‘For most other cars, whatever the size or style, demand is strong from dealers looking for stock in a market that is much stronger than last year.
‘The speed of sales we are seeing now is very good news for consumers because no one wants a long, drawn-out process when they decide to sell.
“Motorists have also adapted to more realistic expectations, so dealers are less frustrated by their best offers being rejected – a constant problem we reported last year – so it’s a win-win for everyone.”
