Car buyers searching for a used electric vehicles (EVs) are being "pushed out" of the market by prices after average values rose by 11% to £23,361 during April, Auto Trader’s Retail Price Index has revealed.
A “market correction” has wiped £500 to £1,000 off the price of the some used cars during May, according to data published by Cap HPI.
A bank holiday-induced dip in consumer demand has been blamed for a 4.6% decline in the average price of a used car sold at auction during April in BCA’s monthly Pulse Report.
Traditionally the used car market in April is buoyant and there are plenty of retail buyers on the forecourt but that has not been the case in 2019.
The volume of used electric vehicles (EVs) available in the UK has risen by 27% since 2017, according to Cap HPI.
City cars and superminis seemed to be falling out of favour as the two segments led the largest April decline in used cars values since 2011, Cap HPI has reported.
Auto Trader's monthly Retail Price Index report has revealed that March’s 2.3% growth in used car values represented the sector’s slowest growth since August 2017.
Car dealers reported a 60% decline in demand during March as reaction to political uncertainty over Brexit the introduction of WLTP-related taxation changes caused owners to hold on to their cars for longer.
Strong demand for used diesel vehicles has resulted in a 5.6% increase in values during Q1 as part of an apparent resurgence in popularity, according to data published by Autorola.
Cap HPI has reported that used car values have “softened” during March as the SUV segment defined an overall average decline of 0.9% at three years and 60,000 miles.
BCA’s monthly Pulse Report has revealed that the average price of a used car offered at auction rose by 3.3% year-on-year during February – a rise of £322.
Wholesale used car prices rose by 0.5% month-on-month in February as car retailers continued to express their concerns about margin compression, Cox Automotive reported.
February has not served to install car retailers’ used vehicle operations as “the shining star” in their business in recent months and news of HMRC VAT reforms will only make life tougher, according to Cazana.
Used car values declined during February for the first time since 2008 as car retailers begun to show signs of "reluctance" to squeeze their profit margins any further, according to Cap HPI.
BCA’s monthly Pulse Report has revealed that used car volumes rose ‘significantly’ in January as average values returned to more typical levels following the seasonally affected values recorded during December.
Auto Trader’s Retail Price Index has shown that diesel was “constantly the fastest selling fuel type” for used cars in 2018, as diesel values remain resilient.
A lack of “good quality and desirable stock” has not been enough to stall rising used car prices as demand from consumers defies the uncertainty caused by Brexit, according to Cazana.
Used car values fell by 1.7% in December as demand weakened and dealers targeted stronger returns at the start of 2019, according to Cap HPI.
The Car Buying Group (TCBG) has put the used car inspection and valuation process into the hands of consumers with the launch of a new app.
Used car values rose in November as “buyers competing strongly for stock both in-lane and via BCA Live Online” drove stiff competition for stock through BCA.
