Used car market grows as new car market shrinks
The used car market in Belgium grew by 6.1 per cent during the first nine months of 2024 compared to the same period last year. The new car market, meanwhile, contracted by 4.9 per cent, reported mobility federation Traxio on Thursday.
"In August, the 500,000 registrations mark was exceeded for used cars, and this rose further to more than 550,000 registrations over the first nine months ," said Traxio spokesman Filip Rylant. ‘That's 6.1 per cent more than last year, but most importantly: 13.7 per cent more compared to 2022. So there seems to be no brake on the used car market."
"There seems to be no brake on the used car market"
This positive trend is being driven by the good availability of used cars, the spokesperson explained, as well as the fact that the used car market continues to fall in price: the average price is currently 7.6 per cent lower than last year.
The most popular used car brand in 2024 so far is Volkswagen, followed by BMW, Mercedes, Opel and Peugeot. Petrol engines are the most popular with a market share of 55.2 per cent, while diesel engines have lost ground to 31.3 per cent. Some 12.7 per cent of registered used cars are now electric: 10.1 per cent are hybrids and 2.9 per cent are fully electric.
The new car market is not performing as well, according to the mobility organisation. Over the first nine months of the year, 356,568 new cars were registered, a 4.9 per cent decline. "The new car market continues to perform quite weakly, both consumer and corporate/leasing sales," Traxio said.
© BELGA PHOTO YORICK JANSENS
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