Used car supermarkets cut the price of their cars to trigger a 0.3% month-on-month decline in vehicle values on eBay Motors Group marketing portals during February.
BCA has suggested that high used car valuations could prove a “safety net” for car retailers as Russia’s invasion of the Ukraine compound cost of living concerns to impact consumer confidence.
A 0.9% reduction in used car prices this February has been branded a “blip” by Indicata.
Record UK inflation was accompanied by a further 29% year-on-year rise in used car values during January, according to data published by Auto Trader.
Used car retailers rallied against three months of COVID-enforced dealership closures and vehicle supply shortages to deliver annual sales up 11.5% year-on-year in 2021.
Used car buyers have been told they must “get used to a significantly older profile of vehicle” as supply shortages look set to continue into 2023.
More than one-in-five nearly new used cars advertised via Auto Trader are now priced above their brand-new equivalents after a further 31.3% year-on-year rise in values during January.
Auto Trader has made its Auto Trader Connect real-time car retail market data portal free to all advertisers in a bid to help car dealers adapt with a market “moving at record pace”.
Used car values were up 13.2% year-on-year in December as BCA’s programme of festive auctions delivered a near-25% sales boost during the last week of 2021.
Car supplies could take up to eight years to recover after component shortages and COVID-19 factory closures, according to Pendragon chief executive Bill Berman.
Auto Trader has predicted “continued strong price growth” in the used car sector following a 30.5% surge in values during December.
BCA said that the wholesale used car market showed signs of moving towards a “more stable” footing after average sold values declined by 19% in two months.
Used car prices remain at all-time highs and retailers have been told they will have to "buy smarter" to remain competitive as the trend continues into 2022.
As certain used cars were hit by “significant price decreases” in November Cox Automotive has asserted that prices will never dip back to pre-pandemic levels.
MPVs continued to star in Auto Trader’s top ten ranking of the used car market’s most appreciating vehicles, with the Seat Alhambra emerging as number one in November.
The UK’s used car price rises are the highest in Europe, according to new data published by Indicata.
An 80th consecutive week of increasing used car values and the highest level of UK inflation for a decade is unlikely to temper consumers’ appetite to buy a new vehicle, Auto Trader has said.
Used car dealers are still under-pricing up to 60% of their forecourt stock, according to data published by Real Time Communications (RTC).
Auto Trader has reported that the average price of a used car has risen by £3,000 since May as the imbalance of consumer demand and vehicle supply shows no sign of abating.
Car buyers’ brand loyalty is “vaporising” in a “pressure cooker” of high demand and stalled new vehicle supplies causing lengthy delivery times, new research shows.
