A roaring first half of the year for used car sales

18.08.2024

Ian Plummer, Commercial Director, Auto Trader:

The maturing electric market’s been a bright spot this year, particularly those ‘middle-aged’ models which have benefitted from a significant softening in price. Used EVs are currently selling at their fastest rate in eight months, while those aged 3-5-years-old, which are now broadly at price parity with their petrol counterparts, are the fastest selling segment of the used car market, and by some margin. Clearly, when the price is right, buyers are eager to make the switch.

More broadly, the used market has had its challenges in 2024, but the first half of the year got off to a roaring start and it’s comfortably sustained its momentum. Retail prices returned to seasonal norms, used cars sold at near record pace, and as reflected in the additional 40m visits to our platform over the period, consumer demand has been strong, helping to fuel the uptick in sales. With such solid market fundamentals, combined with improving economic and political stability, we’ve every expectation the market will continue on its trajectory, and predict overall sales will be up around 5% by the end of the year.”