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Strong demand for used cars was evident in August as dealers witnessed improved days to sell as prices and stock levels remained steady, according to MOTORS.
Days to sell averaged 28, four days faster than the previous month. Franchised dealers (18 days), car supermarkets (22) and Independent dealers (50).
Lucy Tugby, Marketing Director of MOTORS, said: “Despite the traditional impact of the summer holiday season, used car buyers remained active in August as demonstrated by improved days to sell and increased online viewing activity over the course of the month.
“Affordability remains a key issue for many used car buyers as seen by the high level of interest in vehicles priced under £10,000, rewarding dealers prepared to source older cars as part of their stock mix.
“Overall, it’s encouraging to see further stability in the used car market, with minimal monthly price fluctuations and a gradual closing of YoY disparities.”
Views per vehicle increased 7% MoM, with vehicles priced under £10,000 attracting the most attention.
The average advertised price of a used car remained stable at £17,362, a MoM dip of £58.
Stock levels remained flat at 53 units, which suggests dealers are replenishing inventories as cars are sold as a result of strong wholesale prices and tight supply.
EVs represent 5% of dealer stock, up from 3% last August, while hybrids increased from 6% to 9%.