In a recent report by eBay Motors, the Tesla Model 3 emerged as the fastest-selling used car for the month of September, spending a mere 17 days on dealer lots. Following closely behind were the Audi e-Tron at 20 days and the Ford Mustang at 21 days.
Used Car Market Trends in September
- Average days on dealer lots dropped to 35 days, down from 38 days the previous year, indicating a brisker turnover.
- Franchised dealers experienced an uptick in sales pace, reducing the average time to sell a vehicle from 32 to 29 days, marking their most rapid turnover this year.
- Used car prices saw a marginal decline of 1.1%, settling at £17,536. However, they remained 6% higher than the previous year, with the zenith occurring in January 2023.
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Lucy Tugby, the marketing director of eBay Motors Group, shared her insights on the matter. She noted, “September proved to be a relatively stable month for the used car market with consistent month-on-month tracking across stock levels, demand, and prices. While the 73 plate-change will have generated welcome part-exchange volumes for franchised dealers, our data suggests many of these vehicles are still being processed and prepared for sale over the coming weeks.”
Tugby also highlighted the persistent challenge of stock shortages faced by all dealers, with car supermarkets showing reluctance to replenish inventories built up over the summer. Independent dealers, on the other hand, are strategically selecting vehicles that are expected to resonate with buyers.
Tesla’s Dominance in the Used Car Market
Tesla’s prominence in the used car market further solidified in August, as revealed by car search and research company iSeeCars.com. Their analysis of over 228,000 new and used car sales from July 2023 identified the Tesla Model Y as the fastest-selling used electric vehicle in the United States.
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Insights from Karl Brauer
Karl Brauer, Executive Analyst at iSeeCars, offered his insight, stating, “Used car prices were initially driven up by a lack of new car inventory. Now there are plenty of new cars on dealer lots, but consumers aren’t rushing out to buy them. The new car average time-to-sale is down by more than 25%, even as used cars are selling 6.1% faster. This shows buyers are continuing to seek value in the used car market – despite a wide range of new car options.”
Conclusion
September’s used car market showcased a robust performance, with the Tesla Model 3 leading the pack as the fastest-selling used car. The market saw a notable reduction in the average days a car spent on the lot, indicating a more dynamic turnover. However, challenges persist, with stock shortages affecting dealers across the board. Despite price declines, the used car market remains buoyant, with prices still notably higher than the previous year.
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FAQs
Why was the Tesla Model 3 the fastest-selling used car in September?
The Tesla Model 3‘s popularity in the used car market can be attributed to its strong demand and desirability among consumers.
How did the average time to sell a used car compare to the previous year?
The average time it took to sell a used car in September was 35 days, which is a decrease from the previous year’s figure of 38 days, indicating a faster turnover.
What impact did the 73 plate-change have on the used car market?
The 73 plate-change generated welcome part-exchange volumes for franchised dealers. However, many of these vehicles are still in the process of being prepared for sale.
What challenges do dealers face in the current market?
Dealers are grappling with stock shortages, with car supermarkets showing reluctance to replenish inventories built up over the summer. Independent dealers are strategically selecting vehicles to meet buyer demand.
Why are consumers still gravitating towards the used car market despite the availability of new cars?
Consumers continue to seek value in the used car market, even with an ample supply of new cars on dealer lots. This trend is evident in the faster turnover of used cars compared to new ones.