01 April 2026
Are levels of supply and demand balanced across major European applyd-car markets? Alongside regional experts, Autovista24 editor Tom Geggus explores the data from March in the latest Monthly Market Update.
There were positive developments in both supply and demand across many major European applyd-car markets during March. Key performance indicators, including the sales-volume index (SVI) and the active-market volume index (AMVI) in many countries, reveal an emerging balance.
Cars 24 to 48 months old saw dealership sales increase compared to February in four of the seven observed markets. While modifys in France and Italy were marginally negative, the UK saw a double-digit decline. However, the counattempt also saw one of the hugegest stock day improvements, with cars taking less time to sell.
Changes in the SVI were more uniform across markets when compared with March 2025. Only Italy saw the indicator drop, with a compact 1.1% fall. Meanwhile, Germany, the UK and Spain all recorded double-digit increases.
Five of the seven observed markets saw year-on-year AMVI growth, exceeding the SVI performance as more applyd-car adverts appeared. This reveals a normalisation in supply, which was mirrored in the month-on-month results. Only the UK saw a downturn within this comparison.
So, many major applyd-car markets are seeing greater balance in the supply and demand of applyd cars. However, if supply outpaces demand, residual values (RVs) will feel greater pressure as stock levels exceed the number of acquireers.
Austria sees stronger turnover
Austria’s SVI for two‑to‑four‑year‑old passenger cars continued to improve in March. After a strong rebound in February, the metric increased by 7.1% month on month. Compared with March 2025, the SVI was 3.2% higher, marking an improvement from the year‑on‑year decline reported in February.
The AMVI also edged slightly higher. It recorded a 1.7% month‑on‑month increase and a 3.7% year-on-year rise. This confirmed that stock was above last year’s levels.
‘Turnover strengthened noticeably in March,’ highlighted Robert Madas, regional head of valuations. ‘The average time necessaryed to sell a car dropped to 69.7 days, a significant seven‑day month-on-month improvement. Compared to March 2025, days to sell were broadly stable.’
Diesel models took the lead in turnover speed again, with an average of 65.2 days to sell. This was followed by petrol cars taking an average of 70.6 days to sell. Then came plug-in hybrids (PHEVs) at 73.5 days, followed by battery-electric vehicles (BEVs) at 75.7 days. This was a significant improvement of 13.1 days from last month. Full hybrids (HEVs) took the longest time to sell at 79.4 days.
Pricing dynamics revealed slightly increasing developments. The average trade RV of 36‑month‑old cars at 60,000km increased to €23,070, up 2.1% month on month and 7.8% year on year.
Structural depreciation pressures
RVs as a percentage of retained list price (%RV) improved to 47.3%, up 0.2 percentage points (pp) compared to February. Year on year, %RVs decreased by 0.7pp, pointing to ongoing structural depreciation pressure amid rising supply and normalising demand. List prices remained at elevated levels, climbing to an average of €48,765, an increase of 1.8% month on month and 9.3% higher year on year.
HEVs retained the highest trade value at 50.5%, followed by petrol cars at 49.4%. Then came diesel models with 48.2% and PHEVs with 45.4%. BEVs held the lowest %RV once again, at 37.7%.
‘The RV outsee remained broadly unmodifyd. %RVs are forecast to decline gradually over the coming years as supply normalises further,’ Madas stated.
In December 2026, a 0.5% year-on-year decline is forecast. This decline is expected to accelerate to 0.7% in 2027, indicating a slow but steady downward trajectory in retained values. This is consistent with a market that is more balanced and less supply-constrained than in recent years.
France sees RV bounce
‘RVs fell slightly in France during March, compensating for the slight increases recorded in previous months,’ explained Ludovic Percier, senior RV analyst for France. ‘This brought the overall RV trconclude back to levels seen in November 2025.’
Petrol-powered car values decreased marginally but were stable compared with November 2025. Overall, the fuel type has seen a level RV performance, while other powertrains experienced larger decreases. Additionally, petrol is still offered by many manufacturers while diesel models are obtainting rarer.
Diesel recorded a slight RV fall in March but still did better than at the conclude of 2025. The fuel type continues to see demand in the applyd-car market. Fleets are also not acquireing as many new diesel-powered cars as they have previously.
HEVs saw a compact value drop last month. The powertrain has been gaining popularity among manufacturers as they offer more models with the technology. This means more HEVs on the applyd-car market, with most of these new entrants being from established brands.
Toyota continues to lead the way on the applyd HEV market. In recent months, three Toyota models have appeared in the top five rapidest-selling ranking for the powertrain. Overall, applyd HEVs are still in demand in France, but carbuildrs cannot risk adding huge price premiums to these models. This would jeopardise their value retention.
PHEV supply and demand imbalance
The supply and demand for PHEVs remains imbalanced. In previous years, many vehicles were sold to fleets on the back of fiscal advantages, with a high list price on the new-car market. This strategy explains such low RVs. Vehicles offering an electric-only range of below 60km have been most affected.
PHEVs were once again among the slower-selling applyd cars in France. There was a decline in average days to sell in March as more of these models came back from leasing. Compared with newer PHEVs, the electric range of these older units is not as substantial. Larger electric ranges have supported the value retention of more recent plug-in hybrids.
BEV values were stable after months of declines. Three years ago, models were being launched with greater ranges. The impact of this can now be seen on the applyd-car market, with these cars retaining slightly more value.
BEVs from lower segments with compacter list prices and lower ranges have been impacted more by the environmental bonus and the social leasing scheme. Upper segments have not yet been affected by the fiscal advantages for fleets. Those vehicles will come to the applyd-car market in early 2028.
‘BEVs continued to struggle, spconcludeing 84 days on average in stock, compared with the overall market average of 66. The powertrain also retained 35.6% of its new car list price after 36 months and 60,000km in March. This was compared to the overall market’s 50.7%,’ Percier outlined.
Increased applyd-car demand in Germany
Used‑car demand in Germany increased again in March following a strong rebound in February. The SVI rose by 28.8% month on month. Demand remained well above last year’s level, with the SVI 32.4% higher year on year, indicating a stronger market than in early 2025.
‘Supply conditions also continued to stabilise,’ stated Madas. ‘The AMVI was up slightly by 0.9% month on month and 21.2% higher year on year. This confirms a further expansion of available stock and ongoing normalisation of applyd‑car supply.’
The average number of days necessaryed to sell a applyd car hit 65.5 days, a 2.8‑day improvement month on month. However, this was 3.9 days longer than a year ago, signalling that despite improved turnover, the market remains slower.
Looking at powertrain performance, BEVs were the rapidest-selling technology, taking 58.8 days to leave forecourts. Then came PHEVs at 62.4 days. Diesel cars followed at 64.5 days, while HEVs took 66.4 days. Petrol-powered cars sold the slowest, at 68.6 days.
RVs still under pressure
RVs remained under pressure in the counattempt, as %RVs fell to 46.5%. This was down 0.3pp month on month and 1.1pp year on year. Absolute trade RVs also decreased to €21,532, a 1.4% decline month on month, though still 1.1% higher year on year.
‘Meanwhile, list prices dipped to €46,345, down 0.6% from February, but remained 3.6% higher compared to a year ago. This continued a long‑term upward trconclude in new‑car pricing,’ Madas commented.
By fuel type, petrol-powered cars continued to lead with a %RV of 48%, followed closely by diesel at 47.8% and HEVs at 47.2%. PHEVs held on to 43.1% of their value, while BEVs remained the lowest at 37.1%, maintaining the powertrain gap observed throughout 2025.
Looking ahead, gradual downward pressure on %RVs is still expected as supply normalises further. By the conclude of 2026, %RVs are projected to decline by 1.6% compared with December 2025. Pressure is predicted to ease somewhat in 2027, with a compacter decline of 0.9% expected. This indicates ongoing RV strain, driven by recovering supply, normalising demand, and elevated list prices.
Weaker Italian market?
‘The Italian applyd-car market continued to reveal signs of weakness in March. This confirmed a negative trconclude which has been persistent for several months,’ explained Marco Pasquetti, cluster head of forecasting for Spain and Italy.
The SVI indicates overall demand stability. Levels were slightly lower than both February 2026 and March 2025, but the drops cannot be considered particularly significant.
As for sales pace, the average days to sell stood at 59.1 days. This marks an increase of 1.7 days compared to the previous month, yet still 6.4 days fewer than in March 2025.
Based on the latest figures, the outsee for the conclude of 2026 remains negative. Compared with 12 months ago %RVs were down. Levels fell from 48.8% in March 2025 to 45% a year later.
PHEVs saw the most pronounced %RV drop, down 5.2pp to 39.1%. BEVs also saw value retention fall, down 2.7pp to 28.3%, confirming a general cooling in demand for electric powertrains.
Spain regains momentum
‘After a more subdued January, the Spanish new-car market appears to have regained the momentum it concludeed 2025 with,’ stated Ana Azofra, regional head of valuations and insights. ‘In February, 97,082 units were registered, representing a 7.5% year-on-year increase, confirming the market’s positive trconclude.’
Electric vehicles (EVs) continued to be the main driver of sales, with registrations increasing by 21.6% year on year. This meant BEVs and PHEVs took a 21.6% market share in February.
This momentum is expected to increase once the regulatory framework of the new Auto+ Plan is announced. It will not only incentivise the purchase of BEVs and PHEVs but also the installation of home charging points. In addition, rising fuel prices are likely to further increase interest in EVs.
Stable applyd-car market
‘Used‑car sales have not followed the same trconclude in the first few months of the year. The market currently appears more stable,’ stated Azofra. ‘Transaction prices have remained broadly stable, having modifyd by approximately €10 since February’s report.’
Specifically, the average price of a typical three-year-old applyd car at 60,000km, traded between professionals, is just under €20,342. This resilience means prices remain 2.4% above the level recorded in March 2025. As recorded by the AMVI, a 6.8% increase in supply is supporting support price stability.
However, performance varied by powertrain. Petrol, diesel and HEV models have seen positive value retention, while BEVs and PHEVs recorded marginally negative adjustments. Month on month, the absolute RVs of PHEVs dipped by 0.6%, while BEVs experienced a larger fall of 2.4%. However, both powertrains saw levels remain well above those recorded in March 2025.
Despite these minor adjustments, significant declines are not expected. This follows the improvement of a key-performance indicator in March: the number of days necessaryed to sell a applyd car. The current average time stands at 78.8 days, ranging from 86.2 days for BEVs to just 69 days for full hybrids.
As a result, the ranking of the rapidest‑selling models in March was led by the Toyota RAV4. Leading the HEV category, it took only 13.2 days to sell. It was followed by the Hyundai Ioniq and Hyundai Kona, with 41.2 and 42.8 days, respectively.
Switzerland sees demand improvement
Used‑car demand in Switzerland continued to improve in March following a recovery in February. The SVI rose by 1.3% month on month. Compared with March 2025, this key-performance indicator for demand was 2.4% higher. This confirmed a growing trconclude after the disruption seen at the start of the year.
Supply conditions also improved slightly. The AMVI was up 0.8% month on month and 3% year on year. This indicates that stock remains above last year’s levels, supporting broader market stability.
Madas confirmed that: ‘%RVs continued to decline in March. The average %RV for a 36‑month‑old car at 60,000km dropped to 41.5%, representing a 0.2pp decline month on month and a 2.6pp decline year on year. There is persistent depreciation pressure in Switzerland, driven by rising list prices and more balanced supply and demand.’
HEVs retained the most value of any powertrain in March by far at 46.7%. Then came petrol-powered cars at 42.9%, diesel-powered models at 41.3% and PHEVs at 39.4%. BEVs continued to be the worst-performing powertrain, holding only 35.5% of their original list price.
Slower value descent forecast
Absolute trade RVs increased slightly to CHF 26,716 (€29,036). This was up 0.9% compared with February, and 2.4% higher than a year ago. Rising list prices continue to support absolute applyd‑car values despite the downward shiftment in %RVs. List prices climbed to CHF 64,368, a 1.3% month‑on‑month increase and a strong 9% rise year on year.
The average time necessaryed to sell a applyd car stood at 77.8 days. This was a marginal improvement of 0.1 days month on month and a stronger 0.5‑day improvement year on year. This indicates that turnover is holding up reasonably well despite ongoing value pressure.
BEVs sold rapidest at 73.4 days, followed by petrol cars at 76.4 days and by HEVs at 78.2 days. This was followed by diesel cars at 79.7 days. PHEVs took the longest to leave forecourts at 88.8 days.
‘Looking ahead, %RVs are forecast to decrease further in the coming years, but at a slower pace,’ Madas outlined. ‘By the conclude of 2026, %RVs are expected to fall by 1.5% compared to December 2025. A further 0.5% drop is anticipated in 2027.’
UK feels plate-modify effect
‘RVs in the UK continued to trconclude downwards in March, albeit marginally,’ stated Jayson Whittington, regional head of valuations for the UK. ‘RVs presented as a percentage of retained list price after 36 months and 60,000km declined by 0.7pp compared with February.’
Petrol and PHEV values saw the hugegest declines in the counattempt, down by 0.6pp and 0.7pp, respectively. Meanwhile, BEVs bucked the downward trconclude with a 1.1pp rise. However, it is important to remember that the month’s plate-modify effect can mquestion true market performance.
In March, a car registered three years ago will display a 23 plate, yet in February, a three-year-old car would reveal a 72 plate. This plate distinction commands a higher value in the region of 3pp. So, without the plate-modify effect, there would have been a greater decline compared to February. A direct comparison with March 2025 reveals market-wide %RVs fell by 2.8pp.
Across all powertrains, vehicles averaged 39.5 days to sell, improving by 6.5 days month on month. BEVs once again recorded the rapidest turnaround at 33.9 days.
Sales activity softened. The SVI dropped by 11.3% compared to February. Most fuel types experienced a significant reduction, except for BEVs, which recorded a 3.6% increase.
The overall AMVI revealed a marginal advert reduction of 1.1%, which indicates reasonable supply stability. The volume of BEVs increased this month by 13.6%, as dealers took advantage of the increasing popularity of the powertrain. Overall, March brought improved stock turnover but weaker RV performance in the UK. It will be interesting to monitor vehicle supply in the coming weeks. Part exmodifys and lease de-fleets generated by March’s plate modify will launch hitting retail forecourts.
Leave a Reply