Traxio: ‘used car sales on the rise while new decline’

While new car registrations slowed, the used car market grew almost continuously over the year’s first nine months. According to mobility organization Traxio, the 500,000 registration mark was already exceeded in August.

That figure rose to more than 550,000 registrations (550,781, to be precise) in September, or 6.1% more than last year and 13.7% more than in September 2022.

“In September alone, 60,485 used cars were registered: 9.4% more than last year and 13.7% more than in 2022,” explains Filip Rylant, spokesperson for Traxio. For comparison, new car registrations declined by -18,6% in September compared to September 2023.

Flourishing market

This positive trend in the second-hand market is driven by the wide availability of second-hand cars and a continued price drop in the used car market—the perfect conditions for a flourishing market.

Volkswagen and BMW dominated used car sales during the first nine months of 2024. Mercedes completed the top five, ahead of Opel and Peugeot. The VW Golf (22.196 units) remains the most popular model, followed by the VW Polo (15.755), the Opel Corsa (14.196), and the BMW 3 Series (12.309).

Modest growth

Gasoline engines continue to dominate the second-hand market, with a 55.2% share, while diesel is losing ground to 31.3%. This trend is even more visible with new car registrations.

The share of hybrid and electric vehicles continues to increase, although this increase remains modest. Today, 12.7% of registered second-hand cars are electrified, 10.1% are hybrids, and 2.9% are fully electric.

Rejuvenation

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

However, since the last months of 2023, the number of new cars delivered has 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.

Mainly private phenomenon

The second-hand market remains mainly (90%) a private market, while the share of commercial vehicles in the second-hand market is 10% for the first nine months of 2024. According to second-hand sellers, start-ups are often interested in used cars – even hybrid or electric vehicles.

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.