The Ford Fiesta was the UK’s best-selling used car and the Toyota Prius was the second fastest-selling used car in September according to INDICATA’s latest Market Watch report.
Both cars have now finished production with no replacement planned for either model which suggests prices will continue to rise against a backdrop of strong demand and falling supply.
The used Fiesta has been an iconic family and young driver’s car since it was launched in 1976 while the self-charging Prius has become a firm favourite with private taxi companies.
“The Fiesta and Prius were both in our top and fastest-selling tables in September and have been for some months. With no direct replacements planned it will be interesting to see which models take over the mantle.
“However, the Ford Puma has quietly become the best-selling new car in 2023 year to date which is already translating into strong used demand,” explained Jon Mitchell, INDICATA’s group sales director.
Tesla’s Model Y was September’s fastest-selling used car while the VW Golf and Vauxhall Corsa were close on the Fiesta’s heels as the UK’s top-selling used car.
Five out of the top six cars in both INDICATA tables are smaller used cars which reinforces that bigger ticket used cars are still slower to sell in the current market as consumers move into winter calculating what available funds, they must replace their current car.
Prices continued to fall in September by 1.87% and are 11.3% lower than January 2022. This is the biggest fall of any country in Europe, and a sign that the used market is slowly getting itself back to a more affordable level.
Used EVs are starting to show signs of price stability helped by used EV prices falling by 38% over the past 12 months. This has helped stimulate sales and contribute to bringing down Market Days’ Supply (MDS) to a similar level to petrol and diesel.
“It’s still early days for used EVs but there are more consistent signs of rising sales and falling stock levels. Stock levels of used EVs are now more into line with ICE cars now which must be a positive sign. They are no longer having to play catch up which is important now used car volumes are rising as new car production improves,” said Mitchell.