UK-based online car marketplace Carwow has forecasted a strong first quarter for the used car market in 2025.
The company reported a 49% increase in used car enquiries through its platform in the last quarter of 2024 compared with the same period in 2023.
This trend indicates a sustained demand for used vehicles in the coming months.
Carwow said the surge in used car enquiries was accompanied by a 12% rise in new car configurations and a 14% growth in overall visits to Carwow during the “Twixmas” period between Christmas and New Year.
On 27 December alone, more than 750 cars were listed 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 purchase used cars rather than new ones.
Despite a slight predicted increase in new car registration volumes, challenges in the new car market are expected to persist.
This is partly due to ongoing efforts by original equipment manufacturers (OEMs) to stimulate demand for electric vehicles (EVs).
Carwow advised its dealer partners to replenish forecourts and advertise stock effectively to capitalise on the heightened car-changing activity.
The growth in used car enquiries aligns with a broader trend of increasing visitor numbers on Carwow’s platform, which saw a 23% year-on-year rise in 2024.
Carwow chief customer and marketing officer Ben Carter said: “Our data shows that the New Year often triggers car-changing research for many consumers. Retailers can maximise their chances of success by using Carwow to acquire 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 up by nearly a quarter on the previous year. We are the one-stop shop for car-changing consumers to research, sell and find their next car, so retailers sourcing and marketing their stock with us are already one step ahead of the competition.”
In October 2024, Carwow acquired Gridserve Car Leasing from British EV charging company Gridserve, as part of its strategy to enhance its presence in the online car marketplace.
This acquisition focused on expanding EV lease deals and marked Carwow’s second significant business move last year, following its purchase of Autovia, an automotive content and commerce media company.
Carwow Group’s acquisition of Autovia brought established titles such as Auto Express and Carbuyer into its portfolio.
“Carwow predicts strong demand in used car market for early 2025” was originally created and published by Motor Finance Online, a GlobalData owned brand.
