Traxio: ‘9% more used car registrations in Q1 in Belgium’

The number of second-hand car registrations in the first quarter of 2024 increased by 9% (+15,481 vehicles) compared to last year. Registrations of gasoline cars remained stable (54.9%), but the share of diesel vehicles fell from 35.5% in 2023 to 31.9% this year in favor of hybrid and electric cars, which saw their market share increase from 7% to 9.9% and from 1.7% to 2.8% over the same period.

However, new car registrations fell by 13.5% in March 2024 (from 51,754 in March last year to 44,751 units). This decline must be nuanced because a substantial increase was seen in March 2023. And the number of registrations in March 2024 still increased by 8,335 compared to 2022. In addition, the market grew by 2.8% in the first three months of 2024.

Strong increase in electric cars

“During the first three months of 2024, we recorded – especially in Flanders, thanks to the premium – a strong increase in new and second-hand electric vehicles purchased by private individuals,” Filip Rylant, spokesman for Traxio, explains. “This was an increase of 139.5% and 202.4%, respectively.”

The number of new electric cars registered by private individuals more than doubled in February 2024 during the first quarter of 2024 compared to 2023: from 2,442 to 4,869 units (+99.4%).

Private individuals ‘ registrations of second-hand electric vehicles increased from 1,003 to 2,576 cars during the first quarter of 2024 compared to 2023, or an increase of 156.8%.

Most registrations in Flanders

In all regions of Belgium, the number of registrations of second-hand electric vehicles in the first quarter of 2024 was higher than in the same period last year.

Flanders accounts for the largest share of total registrations (76.9%), followed by Wallonia (18.9%) and Brussels (4.2%). Although growth was more moderate than in the other regions, Wallonia had 487 registrations (+62,9%).

Volkswagen and BMW

The proportions differ for new passenger car registrations, where hybrid and electric vehicles, fueled by leasing and corporate fleet purchases, account for the largest share of sales, at 64.3%. The figures come from the mobility organization Traxio.

Considering the recently changed taxation, the question is to what extent PHEVs (Plug-in Hybrids) will evolve in the used car market.

Volkswagen and BMW were the most popular used car brands in the first quarter of the year, followed by Mercedes, Opel, and Peugeot; the most wanted models were the VW Golf (2,348 units) and Polo (1,821), Opel Corsa (1,714), and BMW 3 Series (1,355).

Private activity

In March 2024, the median age of used vehicles was seven years and 11 months, which is still relatively high. The entire fleet is aging considerably, and that is, of course, detrimental to greening and emission reduction.

The second-hand market remains mainly private. The second-hand sellers sector specifies that start-up companies more often opt for second-hand cars and that, for the time being, they are often interested in second-hand hybrid cars.

Some major concessionaires and second-hand sellers shared their interesting insights with us.

‘Young used cars with low mileage’

Frédéric Vassamillet, SOCO: “Consumers usually prefer relatively young second-hand vehicles, between 3 and 4 years old, with low mileage, and an average price of around €20,000.”

Ivo Willems, Cardoen: “The demand for small cars with low mileage is high, but the supply is limited due to the cessation of production of these cars in recent years.”

Simon Bossuyt, DEX: “Many consumers seem unsure about their purchasing decisions, but we focus primarily on their needs to make appropriate proposals.”