Cars are selling almost twice as quickly as in 2023, suggesting the used car market has recovered from last year’s crash, says trading platform HonkHonk.
The average time to sell is now 36 hours, 22 hours faster than Q4 2023. Some cars are even bought by dealers within two hours of being listed and prices are rising for cars in good condition.
Sebastien Duval, CEO of HonkHonk, said: “The speed of sales we’re seeing now is very good news for consumers because no one wants a long drawn-out process when they’ve decided to sell.
“Motorists have adjusted to more realistic expectations too, so dealers are less frustrated by having their best offers rejected – a consistent problem we reported last year – so everyone is winning.”
The top two fastest selling cars were a 2019 £34,500 Range Rover Sport and a 2022 Volvo XC40, at £27,500, which sold within two hours of listing.
Most cars under £10,000, in good condition and with full service history will sell within 24 hours. However, the sale of prestigious marques over ten years old depends on whether or not the dealer has a customer who already has exact model in mind.
Duval said: “Older, more budget examples of prestigious cars are more of a risk for dealers so they will only move on them when they’re confident they already have a potential customer.
“For most other cars, whatever the size or style, demand is strong from dealers looking for stock in a market that is much stronger than last year.”
