Carwow, the UK-based online car marketplace, forecast a strong first quarter for the used car market in 2025.
The company reported a 49% increase in used car inquiries through its platform in the last quarter of 2024 compared to the same period in 2023.
This trend indicates sustained demand for used vehicles in the coming months.
Carwow said the increase in used car inquiries was accompanied by a 12% increase in new car configurations and a 14% growth in overall visits to Carwow during the “Twixmas” period between Christmas and New Year .
On December 27 alone, more than 750 cars appeared in Carwow’s online auctions, highlighting consumer interest in car transactions.
A Carwow survey revealed that 30% of car buyers are now more inclined to buy used cars than new.
Despite the projected slight increase in the volume of new car registrations, challenges in the new car market are expected to persist.
This is partly due to the continued efforts of original equipment manufacturers (OEMs) to stimulate demand for electric vehicles (EVs).
Carwow advised its dealer partners to restock forecourts and advertise stock effectively to capitalize on increased car trade-in activity.
The growth in used car inquiries aligns with a broader trend of increasing visitor numbers on Carwow’s platform, which saw a 23% year-on-year increase in 2024.
Ben Carter, customer and marketing director at Carwow, said: “Our data shows that the New Year often triggers car-switching inquiries for many consumers. Retailers can maximize their chances of success by using Carwow to purchase used stock, which they can then advertise to millions of consumers to drive sales on both Carwow and Auto Express.
“Across the Carwow Group, we attracted almost 200 million visitors during 2024, with visitors to Carwow alone increasing by almost a quarter on the previous year. “We are the one-stop shop for car-trading consumers to research, sell and find their next car, so retailers who buy and trade their stock with us are already one step ahead of the competition.”
In October 2024, Carwow acquired Gridserve Car Leasing from British electric vehicle charging company Gridserve, as part of its strategy to improve its presence in the online car market.
This acquisition focused on expanding electric vehicle leasing deals and marked Carwow’s second major business move last year, following its purchase of Autovia, an automotive content and business media company.
Carwow Group’s acquisition of Autovia added established titles such as Auto Express and Carbuyer to its portfolio.
“Carwow predicts strong demand in the used car market by early 2025” was created and originally published by Motor Finance Online, a brand owned by GlobalData.