March Sees Surge in Used Car Sales and Rising Retail Prices, Reports Motors Market View Analysis

The used car market is booming once again, with vehicles flying off the forecourts at a rapid pace in March. According to data from online marketplace Motors, retail prices are on the rise, and solid consumer demand is driving sales.

In March, used cars sold on average in just 30 days, three days faster than February and five days faster than January. This trend was particularly strong at used car supermarkets, where cars sold in an average of just 21 days. Franchised sites and independents also saw their fastest sales of the first quarter in March.

The average price of a used car has reached £17,391, a £6 increase from February and a £203 increase from the same time last year. Franchised and independent dealers saw their average prices remain steady, while car supermarkets saw a 1% increase to £16,754.

Prices by fuel type remained stable month-on-month, with petrol, diesel, and hybrids all holding steady. However, electric vehicles saw a monthly decrease, with prices dropping by £323 to £24,203 – a 14% decrease from last year.

The Volkswagen Golf was the fastest-selling model in March, with petrol versions less than six months old and under 5,000 miles averaging just 10 days to sell. The top five selling used cars were the Vauxhall Corsa, Ford Fiesta, Nissan Qashqai, Volkswagen Golf, and Ford Focus.

Overall, the stability of the used car market in the first quarter allowed dealers to focus on solid consumer demand in March. The impact of the March plate-change has yet to be fully felt, as dealers continue to trade through their inventories. EV trends remain an area of interest, with average prices dipping below hybrids and an increase in older models coming to market.

As the used car market continues to thrive, dealers are optimistic about the future and are prepared to meet the demands of consumers looking for quality pre-owned vehicles.