Traxio: ‘Used car registrations 12.3% up, prices decline’

After an unexpected but once-only decline in June compared to June 2023, there were many new registrations of second-hand cars in July: 64,660 units, +12.3%. That is the highest monthly result of 2024, concludes Filip Rylant, spokesperson for mobility federation Traxio.

July is traditionally calmer (summer holidays), but the second-hand market continues to do well. Expensive new cars, combined with the increased cost of living, push people to the used car market.

Volkswagen and BMW on top

Used car registrations grew for the first seven months of 2024, compared to 2022 and 2023. From January to July 2022, the total was 379,377 units. For the same period in 2023, it was 406,564, increasing to 435,176 in 2024. That means a 7.0% growth between 2023 and 2024 and 14.7% between 2022 and 2024.

Volkswagen and BMW dominated used car sales during the first seven months of 2024. Mercedes, Opel, and Peugeot completed the top five. The VW Golf (17,464) was the most popular model, ahead of the VW Polo (12,341), the Opel Corsa (10,968), and the BMW 3 Series (9,876). The BMW 1 Series was in fifth place in June and retained its position with 8,837 registrations.

Gasoline

Gasline-powered vehicles still dominate the used car markets, with a 54.9% share, while diesel is losing ground to 31.7%. Registrations of used electric cars increased by 90% (to 12,123 units).

Please note that the private used EV market is still temporarily stimulated by the Flemish premium, but we also notice that half (50.9%) of the used EVs are purchased by companies. Prices continue to fall on the second-hand market gradually – an average price drop of about 8% in one year.

Belgian fleet rejuvenated

In May 2024, the median age of used vehicles was seven years and ten months, which is still relatively high. In the last months of 2023, however, the number of new cars delivered increased significantly, bringing more recent second-hand cars onto the market and rejuvenating the Belgian vehicle fleet – 34% of registered second-hand cars are less than five years old. The second-hand market remains mainly a private activity.

Flanders continues to dominate the second-hand passenger car registrations market, with a 55% share. Wallonia’s market share remains at 37%, while Brussels maintains its 8% share.

New car registrations

In July 2024, 32,151 new cars were registered, 7.3% less (34,669 units) than in July 2023. The cumulative figures for the year’s first seven months also show a slightly downward trend, from 299,144 in 2023 to 295,559 in 2024, a decrease of -1.2%.

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 63.3%.