Categories: News

The used car market is off to a good start to the year

As we usher in 2024, the second-hand car market is showing positive signs, indicating a promising year ahead.

A challenging period

Due to the impact of the Covid-19 health crisis, car sales have experienced a significant decline after steadily rising in 2019. This decline can be attributed to the successive lockdowns and the closure of dealerships, along with the decrease in purchasing power and the rise in raw material prices, leading to a sharp increase in the prices of new cars. Consequently, there has been a surge in demand for used vehicles, resulting in inflated prices. The French used car market has been navigating through a period of fluctuating results, causing uncertainty for both buyers and sellers, who are struggling to determine appropriate selling prices. Professionals are facing the challenge of aligning their inventory with market demand.

On the rise

Fortunately, the year 2024 is showing promising signs when compared to 2023, as indicated by the data from specialist firm AAA Data. The figures confirm this positive trend, with 425,340 cars changing ownership in January, marking a 3.6% increase. Electric car sales saw an impressive 91.6% growth, accounting for 9,767 transactions, or 2.3% of the market. Hybrid car sales also increased by 50.3%, with 32,449 units sold. Surprisingly, there was a slight preference for diesel cars, with 206,234 transactions, only experiencing a 2.5% drop. Diesel continues to outsell gasoline, which totaled 172,237 sales in January.

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