Kia Sorento tops the list as the UK’s fastest selling used car
ia It means the popular Korean SUV is selling over a week faster than the current 26-day average for a used car to sell.
Auto Trader’s Fastest Selling Index, which tracks the potential speed at which vehicles will sell based on live supply and demand in the market, shows that the Sorento is in good company. In total, seven 4x4s and cross overs made it on to the national top 10 list of fastest turners this month.
The speed at which SUVs are currently leaving forecourts reflects the huge levels of consumer demand in the market. Based on searches and advert views they are the most in demand body type on Auto Trader, and by some margin, with levels increasing over 14% year-on-year (YoY) this month. In second place is hatchbacks (+11%), followed by coupes (+7%), saloons (+3%), estates (+1%), convertibles (0%), and MPVs (-10%), the only body type to see levels of demand contract this month.
While the consumer appetite for 4x4s and crossovers continue to accelerate, the level of supply into the market is comparatively more conservative, albeit a still robust 7% YoY. This slight imbalance of supply and demand has not only given SUVs a solid market health[1], a 7% YoY increase, but also helped drive used prices up significantly. Last week, the average price of a used SUV was £22,859, which marks a huge year-on-year increase of 16%; ahead of the current total market average of 15.2%[2].
Commenting on the Index, Auto Trader’s director of commercial products, Karolina Edwards-Smajda, said, “The Sorento has been a staple of our fastest selling used car lists over the last few years, and it’s not a surprise; it offers great styling and family practicality, and of course Kia’s industry leading seven-year warranty. Despite the growth in consumer and economic confidence over recent months, car buyers are still attracted by great value and peace of mind, and the fact the Sorento exceeded the current national average by over a week, really highlights just how popular it is amongst car buyers.
“With such huge levels of consumer demand for second-hand cars at the moment, accelerated by the supply challenges in the new car market, used cars are selling faster than normal and prices are climbing dramatically. To make the most of this opportunity, it is critical that retailers complement their own expertise and experience with data to ensure they’re stocking the right cars for their forecourt, as well as pricing according to the rapidly changing market to maximise the potential profit for every vehicle.”
Paul Philpott, president & CEO, Kia UK Ltd, commented, “Auto Trader’s latest data is evidence of something we’ve known for quite some time – that the Kia Sorento is a real favourite among UK buyers. The latest models offer owners everything they’d need and want from a car, with efficient powertrains, space for the family and their luggage, Kia’s latest connected car and driver assist technologies, and our seven-year warranty. It makes for a really compelling package.”