BCA has revealed that used car values rose by an average of 15.8% as traders’ stocking demands ramped-up in the week of the April 12 reopening of showrooms in England and Wales.
Auction companies are predicting that values for used petrol and diesel cars will remain strong as the country emerges from lockdown and consumer confidence improves.
Demand for used diesel cars drove prices to record hights during the first quarter of 2021, according to Autorola.
Auto Trader has said it expects the UK’s car retail sector to deliver a “fast return to health” after seeing a 12th consecutive month of rising used car prices and record online engagement from buyers in March.
Used car values have reached a “tipping point” with prices rising for the first time in five months as an easing of COVID-19 ‘Lockdown 3’ retail restrictions draw nearer, says Cap HPI.
Growth in the value of used cars is beginning to stabilise despite signs of an acceleration in demand from consumers as the easing of COVID-19 ‘Lockdown 3’ draws nearer, according to Auto Trader.
The average list price of a used car increased by 1.5% in February, climbing from £12,370 to £12,558, according to eBay Motors Group.
Cap HPI has said that a realignment of used car price values was “always likely” after it reported a fifth consecutive month of declining vehicle prices across the sector.
Auto Trader has said that January’s 7.4% rise in used car values has given it “confidence we’ll see a quick return to health” as COVID-19 ‘Lockdown 3’ restrictions start to ease.
A slowdown in consumers’ car buying activity and uncertainty when the current COVID-19 ‘Lockdown 3’ restrictions will end was the catalyst for a fall in used car trade prices in January.
Auto Trader has once again renewed its call for car retailers to “hold firm with their prices” amid optimism that pricing will remain strong in Q1 – despite the showroom closures of COVID-19 ‘Lockdown 3’
Used electric vehicles (EV) appear to have fallen out of favour with car buyers struggling to justify their cost in comparison to petrol and diesel alternatives, according to Autorola.
Cox Automotive has seen “unseasonal dealer activity” towards the end of this year in the new car market ahead of a potential no-deal Brexit.
The UK Government’s ‘Lockdown 2’ COVID-19 mitigation measures in England contributed to a 22.1% decline in used cars sales during November, according to data from Indicata.
The average price of a used Land Rover has increased by 2% in the last month, with values up 4% year on year according to new data from Motorway.
Members of the National Association of Motor Auctions (NAMA) have told the organisation that it remains “business as usual” at their remarketing centres, despite the ongoing COVID-19 crisis.
The used car sector is showing continued good health in the face of COVID-19 ‘Lockdown 2’, according to Auto Trader.
Indicata has advised used car retailers to reprice and sell overage used car stock “immediately” as part of efforts to get on the front foot ahead of an anticipated easing of COVID-19 trading restrictions in the New Year.
A survey of in-market car buyers has found that 58% intend to go-ahead with their planned purchase within the next fortnight, despite the start of more stringent COVID-19 lockdown restrictions.
Car retailers have once again been urged to “hold firm” with their used vehicle pricing as the UK returns to COVID-19 lockdown this week.
