Online B2C used car sales drop 10.1% YoY as BEV sales tumble

Online B2C used car sales drop 10.1% YoY as BEV sales tumble

Online B2C used car sales fell 10.1% in October compared to the same month last year. Even though this was only 1% lower than in the previous month it means sales for the first 10 months of the year are 10.5% down on the same period last year and 6.1% lower than in 2019.

The high energy prices are making buyers reconsider the appeal of used BEVs which saw sales tumble by 33.3% in October YoY. Diesel continues to fall from grace as sales fell 22.5% YoY and used petrol sales also struggled with sales dropping 13.3% over the same period. Only hybrids saw any growth with sales up 7.5% over the same period.


With sales falling, stock levels going into November rose by 4.2% compared to the start of the previous month but they are still 3.4% lower than in November 2021 and 19.8% behind the same point in 2019.

After a period of being the fastest-selling powertrain the change in consumer demand has seen BEVs slip back to the slowest-selling with a stock turn of just 3.7x and with the lowest year-on-year decline of 47% compared to just a 7% fall in turn rate for used petrol cars.

Our price index is based on a consistent pool of vehicles indexed against January 2021 and has been reset for the start of the new year which creates a typical uplift of around 2%-4%, followed normally by a lifecycle driven downward curve in average prices. With sales weakening average online B2C used car prices going into November eased back by 0.1 percentage points but they are still 8.9pp higher than at the end of last year.

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Background

On the 24th of March INDICATA published its first White Paper “COVID-19 To what extent will the used car market be affected (and how to survive)?”. This document explored:

    Early market trends - Initial impact of the virus and the social distancing measures implemented.
    Market scenarios – A range of impacts based on infection rate development and historical market data.
    Mitigation – Risk assessment by sector coupled with potential corrective actions.

We committed to keeping the market updated with live data, volume, and price, to keep abreast of the fast-moving environment.

As such we are pleased to announce “Indicata Market Watch”.

How do we produce our data?

Indicata analyses 9m Used Vehicle adverts across Europe every day. To ensure data integrity, our system goes through extensive data cleansing processes.

The Sales (deinstall data) in this report are based on advertisements of recognised automotive retailers of true used vehicles. As such, it does not include data related to private (P2P) advertisements.

Where an advert is removed from the internet, it is classified as a “Sale”.

Appendix

INDICATA Market Watch November 2022 (The Netherlands)
INDICATA Market Watch November 2022 (Europe)