Analysis of Wholesale Demand for Used Diesels and EVs in Q2 2024

The demand for used diesel cars in the wholesale market remains strong, according to Autorola’s analysis of sales in Q2. Despite the negative perception of diesel cars in the new car market, they accounted for 19.6% of all used cars sold online, second only to petrol cars. This demand has been consistent since 2020, and prices have risen by 0.7% in Q2.

On the other hand, the average prices of the most popular used electric and hybrid vehicles have fallen by nearly a fifth in the three months to June compared to the same period last year. This drop in prices is attributed to a surge in supply as corporate leases expire and former fleet EVs enter the second-hand market.

The used car market as a whole has seen strong momentum in H2, with improving consumer confidence and favorable market conditions leading to quick sales and stable prices. Auto Trader reports that the average price of a used car in June was £16,410, with cars selling in just 29 days on average.

Despite the overall positive outlook for the used car market, there are challenges ahead, including a drop in supply of used cars entering the market. This has led to increased competition for certain age categories of cars, with nearly new cars seeing a 42% increase in supply year-on-year.

Overall, the used car market is entering the second half of the year with momentum, and prices are returning to seasonal norms. Consumer demand remains robust, and cars are selling quickly, indicating a positive outlook for the market in the coming months.