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The state of the used car market.

DS Certified
Most people have read headlines in the media about the volatility of the used car market. The average price of a used car was £17,843 in April, according to Auto Trader UK . Up 2.7% year-on-year and 1.5% month-on-month – the biggest monthly increase since November 2021.

But demand is still really strong. In April there were nearly 78 million cross platform visits to its marketplace, which represents a significant 16% increase on the same period last year.

But who is buying what?

Well did you know that right now young people, those born between 1996 and 2012 are more likely to buy used premium cars than any other generation. 39% of Gen Z say that the vehicle they bought was a luxury model, that’s by far the highest percentage of any generation according to CDK Global.

Now is that savvy or risky and how will that be affected by our move to electrification?

According to Andy McDonald, Heritage Classic Car Insurance “first-time drivers aged 18-24 vastly favour second-hand cars over new. If electric or hybrid vehicles are going to be the first cars of choice (or necessity), then there will need to be a decent second-hand supply to make this viable.”

The great news is Society of Motor Manufacturers and Traders (SMMT) figures showed that used electric cars were the fastest growing used segment in the first three months of the year, with sales up 56%. But figures from Auto Trader and BCA UK suggest prices for EVs remain volatile. So why is that?

My feeling is there are a number of factors affecting the EV marketplace at the moment:

• Increased availability of EVs.
• Market immaturity as people grapple with the technology.
• Correction in values across both new and used EVs.

So, who is best placed to help with the situation? Who can hold EV stock to demo, educate customers on electrification and reassure around values? Who else but brands and their local retailers! CDK Global research confirms 87% of Gen Z shoppers either buy at the dealership or start online and finish at the dealership so there’s no better place to start and finish the conversation.

CitNOW Group survey showed a third (33%) of 18 to 24-year-olds said the aspect they valued most about their recent car buying experience was the relationship they established with their sales executive. Let’s get to work!

Our client DS Automobiles UK did just that getting We Are Acuity to continue work on their 'Certified' used car programme updating a number of marketing materials, all aimed at raising awareness, reassuring, and ultimately driving local showroom traffic to experience their range of luxurious petrol, hybrid and electric vehicles. Form an orderly queue!

If you work within the used car market, be it a retailer or at brand level, I’d love to understand your view and talk to you about the future of used auto retailing. Why not schedule a FREE 30-minute assessment today here? It will be well worth your time.

Or alternatively read more about Local Marketing on our blog page "Local Thinking': https://www.weareacuity.com/local-thinking-our-blog

#marketing #automotive #ev


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