Late-plate cars over £20,000 deliver sweet spot for used car retailers in July
- Sub-two year prices bucked downward trend with 3.5% rise
- Fastest sellers priced £20,000 to £40,000, averaging 35.3 days to sell
- BMW 1 Series diesel the fastest selling car in July
4 August 2022 - Sub-two year old cars priced over £20,000 were the sweet spot for dealers in July, according to the latest eBay Motors Group Market View.
Despite the pressure of the cost of living crisis on household budgets, these cars sold quickly as demand continued to outstrip supply.
The average advertised price of a sub-two year old car in July increased by 3.5% month-on-month to £34,099, the only age segment to increase in value against an overall 1.1% drop in prices to £16,841. The year-on-year average for these cars jumped 35% from £25,297, a rise of £8,802.
The fastest selling price segment for the month were vehicles listed online from £20,000 to £40,000, lasting just 35.3 days on forecourts, closely followed by the £15,000 to £19,999 band at 35.9 days. Both segments comfortably beat the overall average of 39.5 days.
The fastest selling cars for the month on Motors.co.uk were dominated by models aged under five years with up to 40,000 miles on the clock.
Topping the list was the diesel version of the BMW 1 Series, aged three to four years, taking just 15.2 days to sell; followed by the SEAT Leon petrol, aged four to five years, at 16.4 days; and Toyota Aygo petrol, aged two to three years averaging 16.5 days.
"With car buyers facing lengthy delivery times on new cars, demand for sub-two year old models was particularly high in July and dealers who worked hard to stock them were rewarded with quick sales and strong prices," said Lucy Tugby, head of marketing at eBay Motors Group.
"But these were the exceptions in a market hampered by reduced supply and the impact of the cost of living crisis. As a result, we are seeing a growing trend of older stock being listed by dealers and more buyers searching for these vehicles than this time last year," she said.
Source: Motors.co.uk data, eBay Motors Group Data Warehouse, July 2022 vs June 2022 vs July 2021.
Further details available from Lucy Tugby on 07970 856545 or email@example.com