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UK-based online car marketplace Carwow has 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 over the ‘Twixmas’ period between Christmas and New Year
On December 27 alone, more than 750 cars were listed in Carwow’s online auctions, highlighting consumer interest in car transactions.
A survey by Carwow revealed that 30% of car buyers are now more inclined to buy used cars than new ones.
Although a slight increase in new car registration volumes is expected, challenges in the new car market are expected to persist.
This is due in part to ongoing efforts by original equipment manufacturers (OEMs) to stimulate demand for electric vehicles (EVs).
Carwow advised its dealer partners to replenish yards and advertise stock effectively to capitalize on increased car trade-in activity.
The growth in used car inquiries is in line with a wider trend of increased visitors to Carwow’s platform, which saw a 23% year-on-year increase in 2024.
Ben Carter, Head of Customer and Marketing at Carwow, said: “Our data shows that the New Year often triggers car trade-in research for many consumers. Retailers can maximize 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 in 2024, with visitors to Carwow alone almost a quarter of the previous year. We are the one-stop shop for car-changing consumers to research, sell and find their next car, so retailers who stock and 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 offerings and marked Carwow’s second major business move last year, following the purchase of Autovia, a commercial media and content company automotive
Acquisition of Autovia by Carwow Group they carried established titles such as Auto Express and Carbuyer in its portfolio.
“Carwow predicts strong demand in used car market by early 2025” was originally created and published by Online motor financea trademark owned by GlobalData.
