In May 2023, there were 57 807 second-hand cars registered in Belgium, meaning the market is dominated by 88% by private buyers and is keeping a steadily growing pace of 4,4%, says the automotive services federation Traxio.

According to spokesperson Filip Rylant, this is due to more recent second-hand cars reaching the market as deliveries of new cars – especially in the segment of the company (leased) reaching normal levels slowly, and prices are stabilizing or even going down. But the segment of affordable compact cars like Ford Ka, Citroën C1, VW Up, Peugeot 108, and Seat Citigo has ‘evaporated’, warns co-CEO Ivo Willems of car supermarket Cardoen.

Fewer than in 2021

Compared to the same five months in 2022, with a total number of 281 442, there have been sold 10 000 more second-hand cars in Belgium, but still 20 000 fewer than in 2021 (300 459). Although 3,6% more than in 2022, it’s still 6,3% less than in 2021.

The 4,4% growth in May 2023 is still far lower than in the new car market, where figures of +42,5 % are registered. But Rylant comments on these figures, saying it’s still far lower than pre-corona figures and now a lot of cars are being delivered, which were ordered months ago.

Consumer pulling out

“The new car market is dominated by the company cars,” says the Traxio spokesperson. “And the consumer is pulling out to focus on the second-hand market.” But there, offerings of affordable city cars have ‘vanished’ completely, as most car brands have been focussing on premium models with larger profit margins as spare parts were scarce.

“That segment has evaporated and the segment above it is also becoming thinner and more expensive,” says Ivo Willems of Cardoen. “As a result, consumers with a budget of €15 000 or an equivalent of €250 installment per month, have a very scarce supply of new cars today.”

VW and BMW leading the pack

Volkswagen and BMW are once again the best-selling brands on the second-hand market in May, consolidating their position over the first five months. Volkswagen now totals 33 965 cars (+28,4%), followed by BMW with 27 991 (+8,6%), Mercedes with 21 625 (+13,2%), Opel with 20 724 (+1,7%), and Peugeot with 19 049 (+5,5%).

The part of diesel cars is further decreasing on the second-hand market to 36,1%, in favor of gasoline cars growing to 54,5%. Hybrid cars, both mild hybrids, and plug-ins, are doing well, growing to 7,5%, while full electric is still marginal with 1,4%. Limited offerings of (mostly expensive) second-hand EVs and commun range anxiety among private buyers are probably the main factors in this.