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Car Dealer News: The German SUV, BMW X1, has claimed the top spot as the fastest selling used car in the last year, according to recent data from Auto Trader. The research, covering the period from June 2022 to June 2023 and exclusively released to Car Dealer, analysed approximately 450,000 used car listings on Auto Trader's platform to determine the vehicles that were sold the quickest.
The data revealed that the BMW X1 had an average selling time of just 11 days, making it the most sought-after used car among consumers. Following closely behind, the Lexus NX350h took the second position with an average selling time of 12 days, while the Kia Ceed, Kia Sportage, Honda Civic, Audi SQ2, Jaguar E-Pace, Dacia Duster, Ford Galaxy, and DS 3 Crossback rounded out the top 10, all selling within 15 days.
Notably, all the cars in the top 10 were classified as 'nearly new,' meaning they were less than 12 months old at the time of sale. This trend indicates that consumers are increasingly turning to the used car market for 'nearly-new' alternatives due to the ongoing shortfall in brand-new car supply.
Experts have pointed out that the current cost of living crisis is pushing more used car buyers towards the second-hand market, leaving them potentially susceptible to fraud. Consequently, consumers are opting for nearly-new vehicles that offer good value while avoiding the waiting times associated with new car purchases.
Furthermore, it is interesting to note that hybrid models dominated the list of fastest sellers, indicating a growing preference for vehicles with great fuel economy and lower emissions compared to traditional fuel-powered cars. While fully electric vehicles are becoming more affordable, they are not yet within reach for many consumers, making hybrids a popular choice for those seeking environmentally-friendly options without the higher price tag.
As the supply of new cars gradually improves, the trend of consumers turning to the nearly-new market may continue, especially with the appeal of hybrid models. The data from Auto Trader provides valuable insights into the current dynamics of the used car market and the factors driving consumer preferences in the motor trade industry.
In conclusion, the BMW X1's exceptional performance as the fastest selling used car highlights the strong demand for quality nearly-new vehicles in the UK. The insights from Auto Trader's research shed light on the market trends and offer valuable information for car dealers and industry professionals to understand consumer behaviour and make informed business decisions.
You can read the original article on the car dealer magazine website.
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