The Used Car Market Is Stagnant

With prices still considered too high compared to new vehicles, used cars are struggling to stand out.

According to figures provided by AutoScout24, a European used car listing site present in 18 European countries, in 2023, the used vehicle market has stabilized with a volume similar to 2022 (-0.3%). However, it remains well below the pre-COVID figures (-9.3%).

After a record year in 2021, the market is in decline. In 2023, increased sales and deliveries of new vehicles allowed for higher used vehicle inventories among professionals and stabilized prices. Still, prices remain very high, which has hindered a more vigorous recovery of the used car market.

In 2023, 7,017,090 new and used vehicles were registered compared to 7,991,505 in 2019, a deficit of over 900,000 units.

2.95 used vehicles were sold for every new one (compared to 3.4 in 2022 and 2.19 in 2019).

• French brands have lost market share to German brands, which have slightly increased.
• Renault Clio remains the star of the used car market but has lost -2.1% in market share,
• The segment of very new used cars less than 1 year old continues to suffer from a lack of new vehicle circulation and has declined by -9.3% in volume. Young used cars (2 to 5 years old) represent the most significant segment with 26.7% and remain in line with 2022 volumes,
• The segment of older vehicles (16 years and older) is once again the biggest winner, with a market share of 23.7%, an increase of +9.9% in volume,
• Diesel remains the dominant engine type with a market share of 50.9%, despite a slight decrease of -2.6%,
• Electric vehicles show a volume increase of +21.4%, with prices tending to decrease (-17% over one year). Used vehicle prices are more stable after two years of sharp increases.

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