24th May 2024 – Despite ongoing challenges in the new car market, Auto Trader’s latest data indicates a robust consumer interest in brand-new vehicles, with a 22% year-on-year (YoY) increase in new car visits for May. This uptick, slightly higher than April’s 21% rise, marks the highest YoY growth in over a year.
This performance is driven by a combination of improved availability of new car stock, particularly electric vehicles, and greater affordability. Auto Trader’s data highlights a significant surge in the volume of advertised brand-new cars, up 41% since last summer and 17% in the last five months alone.
As brands ramp up production to meet demand, consumers benefit from better affordability. Over half (53%) of new car models on Auto Trader have seen gradual price reductions over the past year, with some models dropping by up to 20%. Notably, around 70% of new electric models are now cheaper than they were a year ago.
Leading brands and retailers are enhancing their digital showrooms to capture the attention of approximately 2 million monthly new car visitors. Retailers are investing in high-quality merchandising online, akin to their efforts in physical stores. For example, Tesla recently upgraded its adverts with enhanced imagery, doubling advert views within 48 hours and propelling both the brand and its Model 3 into May’s top 10 fastest-growing brands and models.
BMW Leads May’s Rankings; CUPRA and Defender Show Strong Performance
Auto Trader’s data reveals that BMW is the most in-demand marque for May, capturing 16.9% of new car enquiries. Meanwhile, CUPRA has seen the largest growth, with a 2% increase in enquiries compared to April. SEAT also shows significant movement with a 1.1% month-on-month (MoM) rise.
In the electric vehicle (EV) sector, Renault has made notable gains, with new EV enquiries up 2.6% MoM. Volvo follows with a 1.5% increase. Conversely, Ford, Audi, and Vauxhall have experienced declines in new EV leads.
The Land Rover Defender 110 remains the most in-demand new car on Auto Trader for the third consecutive month, generating the largest share of enquiries at 4%. In terms of growth, CUPRA’s Formentor leads with a 1% MoM increase in leads.
For new electric models, Hyundai’s IONIQ 5 tops the list, accounting for 5.7% of new EV enquiries, followed by MG-4 (5.2%), Peugeot E-208 (4.7%), and E-2008 (4.6%). The Peugeot E-2008 has seen the largest growth, with a 2.6% increase in EV enquiries.
Expert Insights
Bex Kennett, Auto Trader’s New Car Performance Director, commented: “Despite a subdued post-plate-change April, engagement levels on our platform remain robust. Our scale, generating six times more searches than Google, offers a promising view of upcoming market trends. The best performing brands and retailers are responding to challenges by enhancing their digital showrooms, ensuring their new cars stand out in a competitive market. This strategy is generating more enquiries and turning more heads.”
Most In-Demand New Car Models on Auto Trader in May (Ranked by Enquiries – All Fuel Types):
- Land Rover Defender 110 – 4.0%
- Land Rover Range Rover Sport – 3.3%
- Volkswagen Golf – 3.0%
- Land Rover Range Rover – 2.8%
- BMW X5 – 2.1%
- BMW M3 – 1.8%
- BMW 1 Series – 1.6%
- Volkswagen Tiguan – 1.5%
- Skoda KODIAQ – 1.4%
- Honda CR-V – 1.3%
Most In-Demand New Car Brands on Auto Trader in May (Ranked by Enquiries – All Fuel Types):
- BMW – 16.9%
- Land Rover – 13.3%
- Volkswagen – 8.8%
- Audi – 7.6%
- Hyundai – 4.2%
- MG – 3.5%
- Skoda – 3.3%
- Kia – 3.2%
- Peugeot – 3.0%
- Renault – 2.9%
Most In-Demand New Electric Car Models on Auto Trader in May (Ranked by Enquiries):
- Hyundai IONIQ 5 – 5.7%
- MG MG4 – 5.2%
- Peugeot E-208 – 4.7%
- Peugeot E-2008 – 4.6%
- BMW i4 – 3.6%
- MG MG ZS – 3.0%
- Hyundai KONA – 2.9%
- Volvo EX30 – 2.9%
- BMW i7 – 2.7%
- Kia EV9 – 2.6%
Most In-Demand New Car Brands (Electric Only) on Auto Trader in May (Ranked by Enquiries):
- BMW – 14.1%
- Hyundai – 10.9%
- Peugeot – 10.8%
- MG – 10.1%
- Audi – 4.9%
- Kia – 4.5%
- Renault – 4.0%
- Nissan – 4.0%
- Volvo – 3.8%
- Tesla – 3.6%
