LSE: 835.40 GBP -8.60 (-1.02%)
Menu
Close
27 August 24 Press releases

New car optimism as demand ramps up ahead of September plate change

 

  • New car visits to Auto Trader up 7% month-on-month ahead of September, and 8% year-on-year.
  • MG is the UK’s ‘hottest’ electric brand in August thanks to pre-plate change push on key models.
  • Car buyers benefitting from more choice of new car as Auto Trader records 23% uptick in physical stock since January, with c. 20,000 brand-new cars available onsite.

 

With the key plate change month of September fast approaching, the latest data from Auto Trader suggests new car demand is ramping up, with visits to its new car platform rising nearly 7% so far in August, on a month-on-month (MoM) basis. Despite the country being gripped by Olympic fever for much of the month, it marks a sizeable increase on the 2.7% MoM rise recorded this time last year, and an even bigger jump on July’s 0.2% softening.

Offering optimism ahead of the vital sales period, Auto Trader’s data (based on c. 2 million monthly new car visits and over 6.5 million daily new car searches) suggests tactics to stimulate demand by improving affordability and choice, as well as putting more of their new car stock in front of more engaged car buyers, is proving successful. As brands respond to growing challenges in the new car market, the volume of new cars advertised on Auto Trader has increased significantly this year, with levels in August already up 23% on January.

To help turn heads in the September run up, the average discount applied has risen, albeit marginally, from 8.7% in July, to 8.9% this month. Over the course of the last 12 months, however, discounts have leapt from 6.7%. With ZEV mandate pressures mounting, the average discount applied to electric vehicles (EV) has rocketed from 6.6% to 10.9% over the same period, which Auto Trader’s data suggests is helping to move the dial. In recent months, the share of enquiries being sent to retailers generated by brand-new electric cars has seen a notable uptick, rising from 13.6% in February to 16.6% in August to date.

Highlighting the influence of affordability in driving consumer engagement for brand new EVs, the all-electric MG ZS is currently this month’s fastest-growing new electric model. Thanks to an enticing combination of discounts, deposit contributions and finance offers, demand has surged, with its share of all new EV enquiries increasing to 6.8%, up 5.1 percentage points (ppts) in just four weeks. MG hasn’t limited its big push to just the ZS either, with the MG4 the second fastest climber, accounting for a 6.5% share (up 2.5 ppts).

Whilst their big rise in demand failed to knock Honda’s e:Ny1 off the overall EV top spot, accounting for a lead share of 7.4%, it did propel MG into first place in the electric brand rankings, and by some margin. With a 16% overall share of all new electric enquiries, the British badged Chinese brand is generating twice as many leads than Hyundai (8.2%) and Honda (7.8%) in second and third place respectively, and five times as many as MINI in 10th (4%).

Brand-new BMWs turn the most heads in August
BMW also deserves recognition this month. Whilst the premium German marque is ‘only’ the fourth most in demand EV brand based on leads, looking at Auto Trader’s data more broadly reveals that it’s not only generating the largest share of electric advert views (11.5%) in August, but also topping the overall new car charts. Indeed, when factoring in all fuel types this month, BMW accounted for more than 1 in 10 (13.6%) of all new car enquires sent to retailers, and a whopping 1 in 5 (19.5%) of all new car advert views.

BMW was followed by equally familiar European stalwarts on the overall lists this month, with Land Rover (12.9%) taking the title of second most in-demand new car brand by enquiry, and Volkswagen third (7.9%). At a model level, however, the Defender 110 (4%) knocked the Golf (3.2%) off its perch, to reclaim the title as the UK’s current most in demand brand new car.

September remains a vital selling month for the new car market, so despite the broader challenges, the robust performance we’re seeing on our platform should be a cause for optimism. To make sure our partners have the best opportunity to profit during the key plate change month, we’ve just launched our largest ever consumer marketing campaign, which is focused on driving many more highly engaged new car buyers to the 20,000 new cars advertised on our platform. I’d urge retailers not to miss out on the opportunity and make sure their stock is where buyers will be looking for their next new car over the coming weeks

Key spokesperson

Bex Kennett

Performance Director

CONNECT

Most in demand new car electric models on Auto Trader in August ranked by enquiries/leads.

 

Rank

Make

Model

Share of enquiries

1

Honda

e:Ny1

7.4%

2

MG

MG ZS

6.8%

3

MG

MG4

6.5%

4

Hyundai

IONIQ 5

6.0%

5

Nissan

Leaf

5.6%

6

Renault

Scenic E-Tech

4.3%

7

Tesla

Model 3

3.5%

8

Porsche

Taycan

3.4%

9

MINI

Electric Cooper

3.4%

10

Ford

Mustang Mach-E

2.8%

 

Most in demand new car electric brands[1] on Auto Trader in August ranked by enquiries/leads.

Rank

Make

Share of enquiries

1

MG

16.1%

2

Hyundai

8.2%

3

Honda

7.8%

4

BMW

7.7%

5

Renault

6.4%

6

Nissan

5.8%

7

Peugeot

5.3%

8

Ford

4.9%

9

Tesla

4.9%

10

MINI

4.4%

Most in demand new car models on Auto Trader in August ranked by enquiries/leads – all fuel types.

 

Rank

Make

Model

Share of enquiries

1

Land Rover

Defender 110

4.0%

2

Volkswagen

Golf

3.2%

3

Land Rover

Range Rover

3.0%

4

Land Rover

Range Rover Sport

2.6%

5

Hyundai

TUCSON

2.4%

6

MG

ZS

2.0%

7

BMW

X5

1.7%

8

Volkswagen

Tiguan

1.7%

9

BMW

M3

1.6%

10

BMW

3 Series

1.5%

Most in demand new car brands on Auto Trader in August ranked by enquiries/leads – all fuel types.

Rank

Make

Share of enquiries

1

BMW

13.6%

2

Land Rover

12.9%

3

Volkswagen

7.9%

4

Audi

5.6%

5

Hyundai

5.5%

6

MG

5.0%

7

Skoda

4.3%

8

Kia

3.2%

9

Honda

2.8%

10

Peugeot

2.8%

 [1] Based on brands’ electric models only

Share:
Up next
Auto Trader data to power Office for National Statistics' official measures of inflation
Read More
Retailers embracing digital are reporting more sales, more efficiency and more satisfied customers
Read More
Auto Trader is first FTSE 100 to achieve Gold Carbon Literacy status
Read More

Stay up to date

Follow us on our social channels to keep up with the latest news, insights and company developments.

 

If you would like to be added to our News & views mailing list, or have any media-related enquiries, please contact our press team:

Auto Trader UK

Auto Trader Insight

Auto Trader Life

Other Group sites

Looking to join the team?

Careers

Looking to buy or sell a vehicle?

Consumers

Keep in touch

Sign up to our email alerts service:

RNS alerts

Join our news & views mailing list
or submit media-related enquiries:

Contact our press team
  • @2024 Auto Trader Group plc. Registered in England with company number: 09439967.