UK automotive marketplace Auto Trader has reported a “strong” surge in consumer interest in new cars, with visits to its platform rising 11% year-on-year (YOY) in March.
This trend suggested that the arrival of the new 25-plate vehicles encouraged more buyers into the market, planning new car purchases in the coming months.
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The report suggested that enquiries on the platform for new cars have steadily increased since the start of the year, with leads to retailers up by 20%.
Manufacturers, recognising the potential of this month’s sales period, have escalated discounts on brand-new vehicles, with the average new car discount now at 9.3% off the recommended retail price (RRP).
Furthermore, discounts on new electric vehicles (EVs) have also grown, averaging 11.5% this month, up from 10.9%.
The push for increased sales comes as manufacturers face a challenging 28% zero-emission vehicle (ZEV) mandate target for the year.
Retailers are capitalising on this prime buying period by advertising an even greater number of new car stocks on Auto Trader, which boasts the UK’s “biggest” audience of engaged car buyers.
In March, the average new car stock advertised on the platform rose by 3% month-on-month and 19% year-on-year.
The MG ZS continued to lead as the most in-demand new electric model for the second consecutive month, with almost an 11% share of leads.
The MG4, another popular model from MG, accounted for more than 10% of EV enquiries this month.
The Skoda Elroq, a newcomer to the market, has quickly ascended to third place, generating a 4.2% share of enquiries.
MG also topped the list as the most popular new electric car brand, with a 21.5% share of enquiries.
BMW remains in second place with nearly a 14% share while Kia has entered the top three with a 6.3% share, closely followed by Renault and Porsche.
Across all fuel types, the Volkswagen Golf has reclaimed its position as the most in-demand new car in March, with a 5.9% share of enquiries.
The Land Rover Range Rover Sport and the Land Rover Range Rover followed, with Land Rover maintaining its lead as the “hottest brand” overall, driving around a 15% share of enquiries this month.
German marque BMW trailed in the second place at 13.7%.
Auto Trader’s new car performance director Bex Kennett said: “Manufacturers have been working really hard to stimulate demand in March and Auto Trader has been providing retailers a great platform to connect with prospective buyers.
“Despite the challenges, there have been some encouraging signs through increased leads, which have been driven by manufacturers and retailers offering better value for consumers. The brands winning in the electric space are different to the overall list and are those maximising the opportunity by putting their stock in front of the largest automotive audience in the UK.”
Last month, Auto Trader reported a surge in consumer interest in new cars, with visits to its platform rising 15% month-on-month (MoM).
