Commentary | Q3 Used Car Transactions
Economic turbulence hasn’t put the need for a car on hold. The strongest third quarter since 2021, and the best year-to-date performance since before the pandemic underline the used market’s resilience despite continued pressure on household budgets. Financial pressures can influence when people buy and what they choose, but they don’t remove the underlying need for personal transport. Our latest data shows cars took 29 days to sell in October, unchanged on the last year – a reassuring sign as we enter the traditionally quieter final months of the year.
“What is really striking, though, is the momentum behind used electric cars. Our latest data shows used electric retail sales rose 56% year on year in October, accounting for one in ten used retail sales tracked on Autotrader – and around one in four of all sub five-year-old cars. With an ever-growing choice reaching second-hand buyers, and EVs the only fuel type recording year-on-year price growth, electric is becoming an increasingly important retail opportunity.”
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