Consumers take an average of 87 days to buy a car
16th December 2024 – London: According to the latest analysis from Auto Trader, the UK’s largest automotive platform, 74% of January buyers start browsing in November and December.
Further consumer behaviour insight reveals the average research period is 87 days, making early engagement with potential buyers essential for driving January sales. Additionally, recent research has shown 85% of in-market buyers are at least as confident as last year in being able to afford their next car.[2]
Seasonal pricing trends are holding strong so far in December, and with typical average month-on-month price movements of +0.2% from December to January and +0.4% from January to February, pricing is expected to be robust in the coming months. Strategic stock management, including the use of future valuations data, is key during these crucial periods to stay ahead of market fluctuations.
Retail pricing data shows a £26.5 million profit opportunity on underpriced vehicles with high Retail Ratings, which are attractive and likely to sell quickly, according to research carried out by Auto Trader. The total profit potential figure of underpriced vehicles stands at £109 million, highlighting the opportunity available to follow Retail Pricing trends and to achieve more margin in the new year.
New research carried out using Comscore data indicates that 8 in 10 car buyers only visit Auto Trader, underscoring the need for consistent marketing spend optimisation.
Auto Trader shares three key steps retailers can take before Christmas to drive a quick start in January:
The good news is all the research and insights we’ve shared in recent months highlight the opportunities available to retailers who can fully harness the data available to them to ensure they thrive in 2025. From pricing cars from Retail pricing data to maximise commercial opportunities, to sourcing the best vehicles for individual markets using demand and supply data, following the data can lead to additional profit. We would encourage retailers to leverage the full potential of their Auto Trader packages by utilising all of our data products and new product additions like Co-Driver to drive sales performance and achieve more for their businesses.
Notes
[1] Number of unique visitors that only visited Auto Trader per month on average, calculated as the difference between the total unduplicated audience for the defined competitor set, including & excluding Auto Trader, Comscore MMX® Multi-Platform, Total Audience, Custom-defined list includes Auto Trader, Gumtree.com - Motors, eBay Motors UK, Motors.co.uk, CarGurus, Carwow.com, Heycar.com, Jan-24 to Oct-24, UK
[2] Auto Trader internal data, onsite survey “Do you feel more or less confident in being able to afford your next car than you did a year ago?” November 2024.
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