Used Land Rover and Jeep models delivered the biggest margins for dealers in November, according to Dealer Auction.
Auto Trader expects used car values to rise in early 2023 after remaining flat in the traditionally weak festive trading period.
The continued shortage of new vehicles and demand for used ones has left car dealerships with a dilemma.
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.
Used car retailers were urged to be aware of the “risks around affordability” as motorists seek out older, more affordable cars to mitigate against the continued rise in values.
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.
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.
Used versions of Tesla’s Model 3 electric vehicle (EV) have lost around £5,000 in value in two months as the supply and demand balance of zero-emissions cars puts pre-owned prices to the test.
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.
Used car values rose by an average of 2% on eBay Motors Group’s online marketplace as the market’s balance of consumer demand and limited supply continued to defy the UK’s economic gloom.
BCA has said that used vehicle process will “remain very robust for some time to come” after wholesale used car values rose 2.9% to £9,197 in September.
Consumers are shying away from expensive used electric vehicles (EV) amid escalating cost-of-living pressures, according to used car stock management and marketing specialist Indicata.
‘High demand’ for petrol and diesel vehicles is continuing to drive the strength of the used car market, according to Cap HPI’s Derren Martin.
Used car supermarkets and franchised retailers responded to September’s sector stability to increase the value of their advertised vehicle stock by 1.5% and 1%, respectively.
Auto Trader is preparing to roll-out its used car valuations data to all its car retail customers as part of efforts to help them adapt to the “unpredictability” of the current trading climate.
Car retailers’ used car forecourts are unlikely to benefit from “significant volumes” of additional stock as a result of the sector’s seasonal September sales boost.
Land Rover dominated Dealer Auction’s August ranking of car brands and models offering the largest sales margin to car retailers.
Cox Automotive Europe has told car retailers to focus on “potential storms” ahead as they continue to balance limited vehicle supplies with faltering consumer demand.
The UK remains the only European country to experience a decline in used car values during 2022, according to Indicata.
A used car retailer has taken to his popular Tiktok account to tell car buyers that they need to scour private car sellers’ adverts on Auto Trader if they want to access the market’s cheapest vehicles.
