Traxio: ‘Almost half a million used cars registered already in 2024’

After an intense period with many used car registrations in July, August saw a slight dip with -4.0%. Still, the provisional annual total is heading toward half a million second-hand car registrations (490,296 units), almost 60,000 more than two years ago.

Gradually, more electrified used cars are offered, as 12.7% of registered vehicles are chargeable. This trend is likely to increase, as seen in the Netherlands, which has always been a forerunner in EVs.

The second-hand market has been doing exceptionally well. The prices of second-hand cars continue to fall gradually while the influx of recent second-hand cars remains sufficiently high: these are perfect conditions for a flourishing market, says Filip Rylant, spokesperson for car services federation Traxio.

New cars -20.3%

In August 2024, ‘only’ 29,333 new cars were registered, or -20.3% compared to August 2023.  The total figures for the first eight months of the year also show a slightly downward trend, from 335,942 in 2023 to 324,892 in 2024, a decrease of -3.3%.

However, we must see this decline in its proper context. In 2023, we saw a high number of new registrations due to the delivery of many previously ordered cars. There are more private sales this year. Compared to 2022, when there were 250,224 registrations, we see a remarkable growth of around 75,000 units or 23% in 2024.

When we look at used car registrations, the figures for the first eight months of 2024 show continued growth compared to 2022 and 2023. From January to August 2022, the total was 431,420 units.

For the same period in 2023, it was 464,006, and it rose to 490,296 in 2024. That is a growth of 5.7% between 2023 and 2024 and even 13.6% between 2022 and 2024.

VW and BMW most popular

Volkswagen and BMW were the most popular used car brands sold during the first eight months of the year, followed by Mercedes, Opel, and Peugeot. The favorite models were the VW Golf (19,698 units), VW Polo (13,940), Opel Corsa (12,536), and BMW 3 Series (11,074).

Gasoline engines (55,2%) still dominate the second-hand market, while diesel (31,6%) is losing out, also among new cars (from 9.1% in 2023 to 5.6% in 2024).

Upcoming electric used cars

The share of hybrid and electric vehicles continues to increase, even if this increase remains modest: 12.7% of registered cars are chargeable. Regarding new car registrations, the share of hybrid and electric cars is the most significant (63.1%). But these figures are driven mainly by the company car market.

In the Netherlands, industry statistics show that more than 1.4 million used cars have been sold so far this year, representing a 12 percent increase. More than 63,000 of these are electric cars, 72 percent more than this time last year. This confirms the Netherlands as a forerunner in EVs and indicates a trend Belgium will likely see as more leased electric cars become available.

“At the same time, the prices of new cars and fuel, as well as other household expenses, are rising, which means that consumers are more likely to opt for a used electric car,” says Gerard ten Buuren, President of BOVAG Onafhankelijke Autobedrijven, a Dutch counterpart of Belgian Traxio.

Relatively old car fleet

The median age of vehicles used in Belgium is seven years and eleven months, which is still relatively high. In the last months of 2023, the number of new cars delivered has increased significantly, resulting in more recent used cars coming onto the market and rejuvenating the Belgian fleet – 34% of registered used cars are less than five years old.

The second-hand market remains primarily a private activity (88%), while the share of commercial vehicles in the second-hand market is 12% for the first eight months of 2024. Most used cars are registered in Flanders (55%); Wallonia’s market share remains at 37%, while Brussels maintains its market share of 8%.