Used electric vehicle (EV) values have continued to decline as falling values dent dealer confidence but boost affordability for car buyers looking to make the zero emissions transition, Cap HPI has said.
Auto Trader has diagnosed the used car retail sector with “robust health” after reporting a 0.7% rise in the average value of a vehicle during February trading.
Used car prices have continued to climb, reaching the 34th month of consecutive growth, according to Auto Trader.
The average price of a used car advertised for sale on Auto Traders has reached a new record high after car retailers started the new year with “real momentum”, it has been claimed.
Car retailers are expected to shrug off the key performance indicators (KPIs) of the past as they prepare for a 2023 economy which will see recessionary consumer spending habits layered on top of ongoing vehicle supply issues.
The average price of a used vehicle advertised for sale on Auto Trader rose for the 33rd consecutive month in December – reaching £18,030.
Half of drivers now want to own a car as they are unable to rely on public transport, according to Auto Trader research.
Auto Trader will launch its largest integrated marketing campaign on Boxing Day to drive consumers in the market for new and used cars to its retailer partners.
Auto Trader expects used car values to rise in early 2023 after remaining flat in the traditionally weak festive trading period.
Auto Trader has raised concerns that the electric vehicle (EV) market is faltering after the cost-of-living crisis sparked the first post-pandemic decline in demand for zero-emission transport.
Stock shortages are expected to trigger a 3% decline in used car sales during 2023, despite a 19% uplift in new car registrations, according to Auto Trader.
Used car values declined 0.4% month-on-month but remained 45% ahead of pre-pandemic “norm” during November, according to the latest data from Auto Trader.
Consumer demand for motor finance remains strong despite surging interest rates, with engagement up 46% on pre-pandemic levels according to Auto Trader.
Motorists’ continued appetite for car buying has delivered another 5.1% increase in the value of the average used vehicle advertised for sale on Auto Trader.
Auto Trader Group chief executive Nathan Coe expects the automotive sector to “prove its resilience” once again after the online car retail marketplace reported a 2% decline in operating profit from H1 trading.
The average retail price of used cars advertised for sale via Auto Trader rose for a fourth consecutive month during October – rising £178 on September and a £548 on August to reach £17,587.
Auto Trader has sold off its Webzone subsidiary, which trades as Carzone in the Republic of Ireland, for 30m euros (approx. £26m).
The automotive retail sector’s used car shortages “will stick with us” for some time to come but it is not altogether bad news, Auto Trader commercial director Ian Plummer has told the AM News Show.
Auto Trader is expanding its YouTube team with two new presenters as part of a strategy to boost advert views for its retailer partners.
Used car prices rose by 2.17% on Auto Trader as new car supply constraints continued to drive a buoyant market in September.
