Used car list prices remain stable in June as dealers emerge from lockdown, finds eBay Motors Group Market View
- Average list prices in June drop just 1.3% or £167
- Sales lead volumes 46% higher than pre-lockdown levels
- DS4 the fastest selling used car in June
16 July 2020 The average list price of a used car remained stable throughout June as dealer showrooms gradually reopened across the UK following two months of lockdown, according to the latest Market View analysis from eBay Motors Group.
Average list prices over the course of the month dropped just -1.3% from £13,032 to £12,865, with independent dealership's seeing a marginal 0.9% increase from £10,220 to £10,307, potentially due to lower wholesale availability pushing supply prices higher.
Online, telephone and email sales enquiries continued to recover in June with eBay Motors Group platforms delivering a 176% increase in replies for advertisers compared to the week commencing 23 March 2020, the start of lockdown in England.
With the wholesale sector closed for most of the lockdown, used cars were in short supply with dealers averaging just 51 cars in stock, compared with 66 units 12 months ago.
"With showrooms allowed to reopen in England from the beginning of the month, followed by Northern Ireland, Wales and Scotland, dealers saw a positive start with high levels of sales leads and increased online search activity," said Dermot Kelleher, head of marketing and research at eBay Motors Group.
"Prices remained stable across the month as dealers sought to match pent-up demand from lower stock levels.
"As defleeting into the wholesale sector gathers momentum, dealers will now be busy restocking depleted forecourts and hoping that pent-up demand will be boosted by new buyers entering the market searching for alternatives to public transport," he said.
Citroen's DS4 model was the fastest selling used car in June, averaging 54.5 days in stock. Followed by the BMW 8 Series at 56 days and Citroen DS3 at 62.5 days.
Petrol was the fastest selling fuel type and accounted for most online views.
Stock turn was severely affected by the Covid-19 lockdown, with dealers averaging 72.7 days in stock, compared with 40.1 days in June 2019.
However, dealers in Scotland outperformed the rest of the UK averaging 63 days, despite only being open from 29 June, followed by the South East of England at 69 days and London at 70 days.
"With most forecourts now reopened, dealers will be focused on sourcing stock they know will resonate with customers searching online for their next used car," said Kelleher.