European used car market bounces back fuelled by online sales

Written by Autorola in category 
April 22, 2021
The used car market has bounced back across Europe with year-on-year March 2021 used car sales up 49.1% and 5.4% higher year to date according to INDICATA’s latest Market Watch report.

The INDICATA Market Watch COVID-19 Edition 15 – April 2021 report highlights how online sales have helped the used car market bounce back one year on from the Covid-19 outbreak.

Used car sales shot up in March
This ‘new normal’ for business to consumer transactions sees March 2021 figures 13.8% higher than the pre-Covid-19 March 2019. Overall, in March 2021 used car sales volumes shot up 24.4% over February 2021.

Austria and Italy, amongst the first European countries to be hit by the pandemic, are now seeing the strongest sales recovery operating at 138% and 111% year on year, respectively, in March.

Austria and Italy experience sales growth
In Austria used car sales, month-on-month in February 2021 Vs March 2021, saw a significant increase of 29%, while Italy’s March 2021 figures were 20.4% higher than the pre-Covid-19 March 2019.

Across many markets, manufacturers have supported dealers with a large push in tactical registrations with March seeing a 41% increase month on month (March 2021 Vs February 2021) of sub-12-month-old vehicles.

Stock turn on diesels remains the fastest
All powertrains witnessed double digit growth in month-on-month used car sales with hybrids growing by 40% – outperforming battery electric vehicles (BEVs) at 32%, petrol at 28% and diesel at 21%.

Despite this, diesel continued to be the fastest selling with a stock turn of 7.4x with petrol at 6.9x and BEVs the slowest moving stock at 4.1x.

Europe’s fastest-selling used cars
In line with this stock turn profile, the Mercedes-Benz GLC-Class was the fastest selling diesel at 8.3, while the VW T-ROC was the fastest selling petrol car at 7.9. The Toyota RAV 4 (5.8) takes the hybrid top slot with the Porsche Taycan the fastest selling BEV.

Overall, the VW T-ROC with a stock turn of 7.6 was the fastest selling vehicle under two years old across the board.

Prices are volatile based on stock levels
Andy Shields, INDICATA’s business unit director said: “Going into April 2021 stock levels vary greatly by country with some markets overstocked whilst others are heavily constrained.

“With a consistent pool of three-year-old vehicles, we would expect the lifecycle to show a steady downward movement in average prices month-on-month, but with excess stock in some markets and a shortage in other markets prices are quite volatile.”

For a full copy of our latest INDICATA Market Watch report go to INDICATA

Click here to go back to the April news

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