Average used car list prices rise 1.5% in February as lead volumes grow for third consecutive month
- Average advertised used car prices rise from £12,370 to £12,558
- Year-on-year buyer enquiry levels jump 27%
- Dealer stock volumes and days to sale on a par with January
5 March 2021: The average list price of used cars increased by 1.5% in February as in-bound dealer leads marked their third successive month of growth, according to eBay Motors Group's latest Market View analysis.
The average advertised price on Motors.co.uk increased month-on-month by £188 to £12,558. The increase was led by independent dealers whose advertised prices rose 3.3% from January to £10,705. Prices at franchised dealers dipped 0.7%, while car supermarkets were down 0.9%.
Enquiry levels remained high with a 27% year-on-year increase in dealer leads.
With showrooms still closed to customers, average days to sell remained unchanged month-on-month at 49.5 days. The fastest sales in February were achieved by independent retailers averaging 48.7 days, followed by franchised sites at 49.1 days. Both in line with their January averages.
Average month-on-month stock levels also remained steady dropping marginally to 50.6 from 51.5 units.
The car supermarket sector experienced the biggest month-on-month variations in both stock levels and days to sell. Stock volumes dropped 10.7% to 349 units, while days to sale increased 8.9% to 52.8 days.
"The overall picture for February was a steady month, in line with January, with car dealers still only able to transact online. However, with February last year marking the final full month of normal trading ahead of the Covid lockdowns, it's encouraging to see enquiry levels performing so strongly with a 27% year-on-year increase," said Dermot Kelleher, head of marketing and research at eBay Motors Group.
"This high level of buyer interest was aided by dealers showcasing their stock on online platforms and would have provided a welcome boost to those retailers who held their nerve on pricing," he said.
The fastest selling used car in February was the Ford Puma (30.9 days), followed by the Citroen C3 Aircross (31.4 days) and Hyundai Kona (31.7 days).
Petrol remains the fuel of choice for car buyers, accounting for 51.3% of views on Motors.co.uk and 54.4% of all stock advertised, as buyer intent continues to shift away from diesel.
Year-on-year interest in alternative fuelled vehicles continues to rise, albeit from low bases. Hybrids accounted for 1.9% of views and 2.4% of total advertised stock volumes. While electric vehicles accounted for 1% of views and stock.
Dealers in Scotland achieved the fastest car sales, averaging 39 days to sell, only four days longer than January 2020, followed by North West England (41 days) and the Midlands (43 days).
Data source: eBay Motors Group Data Warehouse, February 2021 vs. January 2021 and February 2020.