Last year, the second-hand passenger car market grew by 7,2% to 689 170 units, 46 501 more than in 2022 but 20 429 less than in 2021. Expectations are that the second-hand car market will remain high in the coming years, says car service and mobility federation Traxio.

The best-selling used car brands last year were Volkswagen, BMW, Mercedes, Opel, and Peugeot; the most popular models were the VW Golf (28 710 units), VW Polo (20 520), Opel Corsa (19 131), BMW 3-Series (16 309), and Ford Fiesta (14 451).

Increased influx

The used car market is still developing favorably, partly thanks to the greater availability of second-hand cars and stagnant or even slightly falling prices. According to Traxio, there is an increased influx of more recent cars on the second-hand market, which has become increasingly outdated lately.

The average age of the Belgian vehicle fleet is already trending toward ten years, and the median age of second-hand registrations was also relatively high in 2023 (7 years and 11 months). Most used cars are powered by gasoline (54%), slightly more than one-third (35,6%) are diesel vehicles, and only 8,1% are hybrids.

Consumers benefit twice

The question is how the premium for second-hand electric cars, a highly underrepresented market segment (1,8%), will impact the market in the coming months.

Ivo Willems, car supermarket Cardoen: “Demand for older used cars still exceeds supply. Supply remains scarce, while the quality is lower than before. Consumers, therefore, can benefit twice: cars are cheaper than a few months ago, but the car to be acquired has – at least – retained its value, so the remaining balance to be paid is lower.”

Steven Vanzurpele, GMS Group: “We received a larger offer, but our customers became more selective. […] Demand for second-hand electric and hybrid cars increased due to the adjusted market prices.”

Uncertainty

Frédéric Vassamillet, Soco: “Second-hand cars are more readily available, and that is reassuring for customers, both for private customers and for SMEs because for them the used car remains a good choice from a financial point of view – new cars remain expensive – and ecologically. […] Due to uncertainty and access to low-emission zones, most consumers opt for gasoline engines. Used hybrid and electric cars are not popular with private customers.”

The second-hand market remains mainly a private activity, but things are changing, concludes Traxio. The second-hand sellers sector notices that start-up companies more often opt for second-hand cars and are often interested in second-hand hybrid vehicles for the time being. When it comes to new cars, the Belgian car market is at its highest levels since the corona pandemic.