Second-Hand Car Sales in 2023: An Overview
The second-hand car industry made significant strides last year, according to data from Traxio, the federation of the automotive sector and related branches. The year 2023 witnessed a notable increase of 7.2% in second-hand car registrations, with a total of 689,170 vehicles finding new owners.
Popular Brands and Models
Volkswagen took the lead as the most sought-after brand in the second-hand car sales, followed by BMW, Mercedes, Opel, and Peugeot. Specifically, Volkswagens, with 83,501 registrations, were the most in demand. The top models were the VW Golf, VW Polo, Opel Corsa, BMW 3-Series, and Ford Fiesta, respectively topping the list of most traded second-hand cars in 2023.
Shift in Fuel Preferences
A significant shift was observed in fuel preferences. Diesel cars markedly decreased in popularity, accounting for only 35.6% of the second-hand market by the end of 2023, while petrol vehicles rose to 54.0%. Alternative fuel types, including hybrid cars (8.1%) and electric vehicles (1.8%), collectively represented 10.4% of the second-hand market.
Buyer Segmentation
It emerged that only 11% of second-hand cars came from companies and self-employed individuals, starkly contrasting with the 67% in new car registrations. This indicates that as much as 89% of the second-hand cars were purchased by private individuals.
Regional Distribution
The geographical distribution of second-hand car registrations revealed an interesting pattern. The Flemish Region led the way with 54% of all registrations, while Wallonia accounted for 38%, and Brussels for the remaining 8%.
Though the second-hand car market experienced an upward trend in 2023, the total number of registrations still remained 2.9% below the 2021 figures. Nonetheless, this increase testifies to the ongoing appeal of second-hand vehicles among private buyers.
These Traxio data highlight not only the dynamics of the second-hand car industry but also the shifts in preferences and purchasing behavior within this market.
