Market of used cars continues to grow

In the first seven months of 2024, the market of used cars has grown by about 7 per cent, reported mobility federation Traxio. The continued success of the second-hand market for cars in Belgium is remarkable.

The market of used cars in Belgium has been doing very well for years. The expensiveness of new cars, combined with the increased cost of living, are pushing a lot of consumers to the used car market. The prices on the second-hand market continue to fall gradually, with an average price drop of about 8 per cent over a year, making used cars extra interesting.

Figures for the first seven months of 2024 show a continued rise in used car registrations compared to 2022 and 2023. From January to July 2022, the total was 379,377 registrations. For the same period in 2023, the number of registrations amounted to 406,564. This figure increased to 435,176 in 2024. That amounts to a growth of 7 per cent between 2023 and 2024, and as much as 14.7 per cent between 2022 and 2024.

The number of electric cars rises to 12,123 – an increase of 90 per cent, at the expense of diesel cars. Half of all used electric cars were bought by companies.

In July, 64,660 used cars were registered. That is 12.3 per cent more than the same month last year. Traditionally, July is a calm month, with most people buying their car in May or June to take it on holiday.

Flanders continues to dominate the second-hand car market, with a 55 per cent share of the registrations. Wallonia's market share remains 37 per cent, while Brussels retains its 8 per cent market share.

^{Used cars at the Verrebroekdok of the Port of Antwerp © BELGA PHOTO YORICK JANSENS}