Traxio: ‘Used car market continues to perform strongly in 2024’

In November 2024, 31,824 new cars were registered, or 15.3% less than in November 2023. Regarding second-hand car registrations, Traxio sees continued growth in the first eleven months of 2024 compared to previous years.

In 2024, the figure for the year’s first eleven months went up to 672.625 registrations. In 2023, it was 637.950 units; in 2022, it was 591.719. That is a growth of 5.4% between 2023 and 2024 and even 13.67% between 2022 and 2024.

The cumulative figures for the year’s first eleven months also show a slightly downward trend (-5,8%) in new cars. A striking number of new cars were registered in 2023 due to the delivery of previously ordered cars, but compared to 2022, there is a growth of 24.41% in 2024.

Volkswagen and BMW are the most popular brands on the second-hand market. Mercedes, ahead of Opel and Peugeot, completes the top five. The VW Golf (27,241) remains the most sought-after model, ahead of the VW Polo (19,305), the Opel Corsa (17,414), and the BMW 3 Series (14,920). The BMW 1 Series remains in fifth place, with 13,727 registrations.

Relatively old fleet

Gasoline engines still dominate the used car market, with a 55.2% market share, while diesel is losing ground to 30.8%. The proportions are entirely different for new cars: hybrid and electric vehicles represent the largest share of sales, with a percentage of 65.9%; new diesel cars, however, declined from 8.4% in 2023 to 5.3% in 2024.

In November 2024, the median age of second-hand vehicles will be 7 years and 11 months, which is still relatively high and, therefore, detrimental to the greening of the fleet. However, 34% of registered second-hand cars are under five years old.

Private individuals

The second-hand market remains mainly private: 90% of registrations were made by private individuals, while the share of ‘company cars’ on the second-hand market was 10% for the first eight months of 2024. Start-up companies more often opt for second-hand cars and are often interested in second-hand hybrid cars.

Flanders continues to dominate the second-hand passenger car registration market, with a 55% share. Wallonia’s share is 38%, while Brussels’s is 7%.