New and used car sales up in March
Used car sales rose 14% from February to March while new car sales were up nearly nine per cent.
According to data from Brego, an increase in part exchanges and healthy buyer demand drove the uptick in sales, with average days to sale falling to under 38 days.
Meanwhile, demand for electric vehicles remained robust due partly to the rising cost of petrol and diesel, with adverts for used electric cars up 11.5% in the month.
In terms of brands, Chinese manufacturers continued to increase market penetration with Chery Group accounting for 5.9% of registrations and BYD enjoying a four per cent market share.
Rupert Pontin, head of insight and communications, said: “March was a notably strong month for the used car market, particularly given the distraction that new plate month can create for dealers.
“What stands out in the data is that the sector managed to grow sales, improve stock flow and reduce days to sale all at the same time. That points to a healthy level of demand in the market, even against a more uncertain economic backdrop.”
