Analysis of Used-Car Transactions in Europe’s Biggest Markets: Positive Start to 2024
In the ever-evolving world of automotive markets, the used-car sector in Europe’s biggest markets has shown positive growth in the first quarter of 2024. France, Germany, Italy, Spain, and the UK all experienced year-on-year transaction growth, indicating a shift towards affordability in the market.
France, for example, saw a 1.9% increase in used-car transactions in the first quarter of 2024. This growth was primarily driven by cleaner vehicles, with zero-emission models and plug-in hybrids performing well in the market. The country’s focus on sustainability and new BEV subsidies has also contributed to the acceleration of turnover in the used-car market.
Spain, on the other hand, showed a 2.7% growth in used-car transactions, with a significant portion of the market comprising older vehicles. Despite the country’s struggle to entice buyers into EVs, there is potential for growth in the future as more drivers consider the second-hand market for zero-emission vehicles.
Germany experienced a 7.9% rise in used-car transactions in the first quarter of 2024, with a strong performance in January and February offsetting a slight decline in March. The country’s decision to end purchase incentives for new BEVs could lead to an increase in supply in the used-car market, providing more options for buyers.
Italy also saw an 8.5% increase in used-car transactions, outpacing the growth in the new-car market. This trend highlights the resilience of the Italian market and the potential for further growth in the coming months.
Lastly, the UK stood out as the only market to achieve transaction growth in every month of the first quarter, showcasing the strength of the market despite challenges faced by other European markets. With a focus on petrol-powered cars and a growing interest in BEVs and PHEVs, the UK’s used-car sector is poised for continued growth in the future.
Overall, the positive performance of the used-car markets in these key European countries sets a promising tone for the automotive industry in 2024 and beyond. As buyers continue to prioritize affordability and sustainability, the second-hand market is likely to play a significant role in shaping the future of mobility.