Used cars now selling almost twice as quickly as 2023

Used cars are now selling almost twice as quickly as in 2023, in the strongest sign yet that the market’s bounced back from last year’s crash.

Trading platform HonkHonk reports some used cars are selling to dealers within two hours of being listed on the online platform.

Prices paid are also rising for models across the board that are in good condition too. 

Used cars are now selling almost twice as quickly as in 2023, in the strongest sign yet that the market’s bounced back from last year’s crash. Some used cars are selling within two hours of being listed on trading platform HonkHonk

In December last year, This is Money reported that the months of October and November saw a 4.2 per cent drop-off in used car prices in both months – the biggest monthly fall in average second-hand prices recorded by Cap Hpi since May 2011.

That was an equivalent to an average price drop of £1,625 in just two months.

But now the general recovery of the second hand market appears to be on the upwards trend again, with HonkHonk finding that cars of all styles are seeing rising demand.

The ten faster sellers in recent weeks varied massively across budgets and models.

It includes a standard Vauxhall Corsa worth £4,000, an Aston Martin Vantage worth £42,750 and an Audi RS3, sold for £51,000.

The two fastest selling cars were a 2019 Range Rover Sport going for £34,500, and a 2022 Volvo XC40 which was bought for £27,500 – both snapped up within two hours of their owners listing them on HonkHonk.

The car that remained unsold for longest was a 2006 Aston Martin Vantage Coupe, which remained on the site for 144 hours.

Most cars priced at under £10,000, in good condition and with full service history, are selling within 24 hours. 

The slowest car to shift was a 2006 Aston Martin Vantage Coupe, which remained on the site for 144 hours. 

While nearly-new second hand luxury cars can sell very quickly, older models from premium badges will take longer to shift, with dealers needing to line a customer up first

Prestigious marques over ten years old need the dealer to have a customer who already wants that exact model in mind before they will make a serious offer. 

Despite the end of year slump, the UK’s used car market grew by 5.1 per cent in 2023, thanks to re-energised supply, levelling prices and a record year for electric vehicle (EV) sales. 

The Society of Motor Manufacturers and Traders (SMMT) latest figures show there were 7,242,692 used car transactions last year, with driver’s turning to more affordable second hand motors after feeling the pinch from rising costs of living.

Last year motorists were often unaware that the mercy of unusually high depreciation, and refusing good offers. Dealers were subsequently urging drivers to accept the first offer they got because it was usually the best.

But now that dynamic has shifted in 2024, as demand increases and dealers snap up the best cars as fast as possible.

SMMT figures show the used car market grew 5.1 per cent in 2023, with price levelling, more supply attributing 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’re seeing now is very good news for consumers because no one wants a long drawn-out process when they’ve decided to sell.

‘Motorists have adjusted to more realistic expectations too, so dealers are less frustrated by having their best offers rejected – a consistent problem we reported last year – so everyone is winning.’

This post first appeared on Dailymail.co.uk