Begbils report: More deals and higher prices in the first quarter

Used car sales continue to recover. Exports remain high, but domestic sales are gaining momentum and are contributing strongly to the increase. At the same time, prices continue to rise – mainly for diesel cars, according to our statistics.

For the fourth consecutive quarter, sales of used cars are increasing, when compared to the same period the previous year. In the first quarter, 278,155 cars were sold, distributed across the car trade, the private market and companies. This compares with 271,201 during the corresponding period in 2023 (+2.6%).

Exports continue to be significant. 2024 has started with higher exports than any previous year. But there is also a clear increase in demand at home. In Stockholm County, almost 6,000 more cars were sold in the first quarter compared to last year (+11.6%). Other counties where large sales increases are noted are Östergötland (+6.2%), Jönköping (+4.8%) and Uppsala (+3.6%).

“It's a big difference from 1–1.5 years ago, when we experienced a fairly sharp slowdown in the market,” says Daniel Odsberg, sales manager at Kvdbil . The economic situation is still tough, which makes the used market an obvious choice for many when it's time to buy a car.

Sales of plug-in hybrids have increased the most. The number of plug-in hybrids sold doubled (101.7%) in the first quarter, compared to the same period last year. Sales of electric cars also show significant growth of 65.5%, although still slightly below pre-crisis levels. In the first quarter, plug-in cars accounted for 11.9% of total sales, marking an incipient shift also in the aftermarket.

Higher prices for diesel

In the first quarter, the price level of used cars was 1.4% higher compared to the first quarter of 2023. This means that prices are now close to last year's peak levels. While the average price of used gasoline cars is slightly below the levels at the beginning of last year, diesel cars have performed strongly during the winter, and are up 4.0%so far this year.

“Diesel cars have rapidly increased in popularity again. Cheaper fuel at the pump and a reduced supply of newer diesel models have caused prices to climb,” says Daniel Odsberg.

For plug-in hybrids, the price decline has stopped and stable prices have been noted in recent months. For pure electric cars, however, the price decline has continued, according to Bilpriser's index, which measures price trends on the used market. This is done by our sister company Bilpriser.

– Part of the decline can be attributed to the rapid technological development that means that an electric car that is only a few years old can be technically outdated. The electric car market is maturing, and this naturally affects prices. The market is also sensitive to interest rates and is also affected by the increased mix of cheaper models, says Daniel Odsberg.

At the same time, he emphasizes that a decline is not visible for all electric cars.

– Some electric cars hold their value better than others. We can even see that some models have increased in price. But in general, the prices of electric cars have been steadily falling, and we do not expect a turnaround anytime soon.

Golf at its best
With 12,197 units sold, the Volkswagen Golf was the best-selling model in the first quarter, followed by the Volvo V70 (11,775), Volkswagen Passat (9,786), Volvo V60 (9,246) and Volvo XC60 (6,702). Together, these five models accounted for almost 18% of all cars sold.

Sales statistics for the passenger car market, Q1 2024

About the compilation
Kvdbil 's statistics on used car purchases in Sweden are obtained from the Swedish Car Registry via the statistics company Vroom. The price trend is based on sales at kvd.se (approximately 20,000 per year) and is measured through the BPI (used car price index) by sister company Bilpriser.se.