Data from Cox Automotive shows the used car market continued to outperform new in October, although WLTP emissions testing continues to impact supply of new cars.
Used car retailer Manheim recorded a 6.3% rise compared to September in the volume of vehicles coming through its auction lanes. The average mileage for vehicles sold was up 1.8% to 62,158, while the average selling price of vehicles dropped slightly by 2% on September to £6,242.
Cox Automotive’s online auction platform, Dealer Auction, also reported increased volumes, up 16% year on year, with a 7.9% annual increase in average selling price (£4,829).
This data comes in comparison to the SMMT figures released for the month of October, which showed a 2.9% year-on-year drop in new car registrations. This was however a significant improvement from September, which showed a massive 20.4% year-on-year drop.
Philip Nothard, customer insight and strategy director for cars at Cox Automotive, said: “The SMMT figures released this week demonstrate the continued pressures on the new market. As predicted, WLTP continues to impact the supply of new cars to dealers, and while the demand for hybrid and plug-in vehicles looks strong, the figures are behind Government ambitions.
“In contrast, the used market continues to gain pace. Volume across our wholesale auctions rose steadily throughout October, and good quality, ready to retail product continued to sell well.”
“Attendance at all auctions nationwide was high and we’ve seen a greater willingness by dealers to travel further to obtain good stock. As expected, vehicles that require reconditioning work have proved more difficult to shift and as such, we have seen great results for vendors who offer vehicles that need little to no post-auction attention.”
The retail market told a similar story in October, with figures holding steady for Cox Automotive’s car search platform, Motors.co.uk. The business reported a 0.3% increase in the average sold prices of vehicles (£14,644) while the average mileage of vehicles sold remained at 60,000.