Demand for used ICE cars remains strong as market prices start to fall

Written by Autorola in category 
May 4, 2023

While there is much talk about used BEVs the demand for used petrol and diesel cars remains strong, but it does depend on which country you are in.

There is a north-south divide by powertrain, with all countries north of Austria seeing used petrol cars dominating, whilst Austria and all nations to the south, plus Sweden continuing to see used diesel taking the lion’s share of online B2C used car sales.

Used petrol and diesel cars still account for 86.1% of Europe’s used car market and despite average used BEV prices falling by 9.7 percentage points in 4 months, Market Days’ Supply remains high at 110 days going into April 2023. BEV stock market share increasing by 9.3% month on month.

Prices are now falling

For most of 2022, prices continued to rise until September, but used prices are now falling, with nine countries showing a month on month used car price fall going into April. Average prices for Turkey rose 9.3 percentage points MoM, meaning they are now 88.6pp higher than at the start of 2022.

Poland also saw prices rise by a marginal 0.2pp MoM, but for all the LHD European markets, average prices fell 0.3pp MoM, and they are now 3.6pp lower than at the start of 2022. U.K. prices which fell for most of 2022 saw a 1.1pp uplift MoM, leaving average prices still 5.2pp lower than in January 2022.

Europe’s used car market is healthy

“The general health of Europe’s used car market is very good, but we are continuing to see prices settle down after long periods of monthly rises. Ironically, the UK is now seeing some small price rises while the rest of Europe are seeing price falls. It was the opposite way round in 2022, while Turkey continues to do its own thing with prices nearly doubling in the past 16 months,” explained Andy Shields, INDICATA global business unit director.

“Used EVs are still a challenge in some countries while in others the fall in prices over the past few months has done an excellent job in revitalising the market with both demand and sales increasing. It will be interesting if prices have to fall again before the summer to help speed up movement in the used EV sector again,” he added.

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