Growth in the second-hand car market got another boost in November. Last month, 57 519 used cars were registered, 6,5% more than in 2022. The increase is 7,8% over the first eleven months of the year (46 231 units more than in 2022), but there is a deficit of 18 030 units compared to 2021. The figures come from the mobility federation Traxio.

“So, the used car market is still developing favorably, partly thanks to the greater availability of second-hand cars and stabilizing or even slightly falling prices,” explains Filip Rylant, spokesperson for Traxio.

Slight decline in used car prices

According to the AUTO1 Group Price Index, the European report on used car prices, figures from November 2023 show a slight decline in used car prices. The index moved from 147,8 in October to 146,6 in November, a decrease of 0,8%.

On a year-on-year basis, wholesale used car prices fell 6,5%, with the index falling from 156,7 in November 2022 to 146,6 in November 2023. From January to November, prices remained fairly stable, with a decrease of 1,8%. The November index shows the lowest price level (146,6) this year.

New car market

Regarding the new car market, registrations increased in November (+26,1%), making the first eleven months +31,9% better than last year. It is striking that almost half of the newly registered cars are plug-in cars (electric or plug-in hybrid). The phasing out of plug-in hybrids will ultimately benefit purely electric cars.

Volkswagen and BMW remain the best-selling brands of second-hand passenger cars in September 2023, ahead of Mercedes, Opel & Peugeot. The VW Golf (26 653 units) and VW Polo (19 037) are still in the lead, followed by the Opel Corsa (17 760), the BMW 3-series (15 206), and the Ford Fiesta (13 396).

Half of new cars electrified

The share of gasoline cars has grown to 54,0% while diesel vehicles continue to decline among second-hand cars to 35,8%. The share of other fuels is slowly growing on the second-hand market and, at 10,2%, exceeds the 10% limit.

These are very different proportions than for registrations of new passenger cars, where electrified vehicles already account for more than half of sales. The median age of used car registrations is now seven years and ten months.

Flanders has always been the largest region for registering second-hand passenger cars, with 54% (1% more than in 2022). Wallonia goes from 37% to 38%, and Brussels loses 2%.

Some reactions from the sector…

Steven Vanzurpele, GMS Group: “Now that prices of second-hand EVs are declining, demand for an EV increases among private customers. We’ve reached a price level where electric cars are also available to private customers.”

Ivo Willems, Cardoen: “Prices of new cars have risen so much that our customers are increasingly being pushed toward used cars. Regarding electric cars, the market is waiting for clarity regarding the Flemish EV premiums.”

Simon Bossuyt, DEX: “The EV incentives from the Flemish government have created additional demand for electric cars, but the concrete situation is still unclear for many customers.”