EVs remain fastest selling used cars
Used cars spent an average of 39 days in stock before being sold in July, according to the latest analysis by Motors.co.uk.
Its Market View report shows that electric vehicles (EVs) were again the fastest selling used cars, averaging just 35 days in stock, down from 51 days in July 2018. EV days to sale have reduced every month since April when they averaged 41 days, Motors.co.uk noted.
Petrol cars averaged 38 days in stock, the same as last year, while diesels improved slightly, dropping from 40 to 39 days. Hybrid cars averaged 42 days on the forecourt, compared with 41 days last year.
Car supermarkets took longer to sell used cars in July than they did 12 months ago.
Average days in stock for car supermarkets increased to 31 days, from 27 a year ago, although supermarkets continued to sell cars faster than other retailers.
Franchised dealers saw days in stock fall from 44 to 40 days year-on-year and independents remained unchanged at 41 days.
Average stocking levels at franchised dealers increased marginally year-on-year, from 60 to 62 cars, and at independent retailers from 43 to 46 cars, while at car supermarkets average stock levels decreased by 4.8% to 674 vehicles.
“Car supermarkets had a challenging July with lower stock levels resulting in cars spending an average of four days longer on forecourts,” said Dermot Kelleher, head of marketing and business intelligence at Motors.co.uk.
“Their reduced stocking levels could be reflecting just how competitive it is for retailers to source ready to retail cars at a time when used margins are tight across the board.
“Whilst used car sales appear to be holding up, despite market uncertainty, we are aware that many dealers are having to work harder to deliver similar year-on-year levels of sales to counter challenges in consumer demand.”
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