In a surprising twist for the traditionally subdued summer period, Belgium’s second-hand car market has reported a substantial 12.3% increase in registrations for July compared to the same month last year.
The surge, detailed by the industrial body Traxio, reflects a significant rise from 57,594 units registered in July 2023 to 64,660 units this year. This uptick makes July 2024 the strongest month of the year for second-hand vehicle registrations so far.
Traditionally, July is known for reduced car traffic due to holiday travel, with road usage declining by up to 20%.
Despite this seasonal dip, the second-hand car market has demonstrated remarkable resilience and growth. The year-to-date figures also showcase a robust performance, with cumulative registrations up by 7% from 406,564 units to 435,176 units.
The increase in second-hand car registrations is largely attributed to the rising costs associated with new vehicles and the general cost of living. As new car prices continue to climb, more consumers are turning to the used car market as a cost-effective alternative.
The trend aligns with broader market observations, where budget constraints and economic factors are influencing purchasing decisions.
Petrol engines remain the dominant choice among buyers, comprising 54.9% of the second-hand cars registered. This preference underscores a steady demand for petrol-powered vehicles despite ongoing discussions about environmental impacts and fuel efficiency.
On the other hand, diesel engines are experiencing a decline in popularity, with their market share dropping to 31.7%. The shift away from diesel vehicles could be influenced by increasing regulatory pressures and a growing consumer preference for alternative fuel options.
While registrations have surged, the average prices of used cars have continued to trend downward.
Over the past year, prices have seen a gradual decrease of approximately 8%. This drop in prices may further incentivize buyers, contributing to the overall growth in registrations. The decline in prices could also reflect an adjustment in market conditions as supply and demand dynamics shift.
The positive performance of the second-hand car market highlights a significant shift in consumer behavior and economic patterns.
As new car prices remain high and economic pressures persist, the second-hand market’s growth suggests a growing preference for more affordable and practical vehicle options. This trend is expected to continue as buyers seek value in a fluctuating automotive landscape.
Overall, the second-hand car market in Belgium is poised to maintain its strong performance, with July’s figures setting a precedent for continued growth. As the year progresses, the market will likely see further developments influenced by economic factors, consumer preferences, and changes in vehicle technology.
