A festive rush to stock petrol and diesel cars triggered 25% sales growth at UK auctions as consumers cooled on the idea of buying a pre-owned electric vehicle (EV).
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.
Cap HPI has warned that further ‘significant reductions’ in used electric vehicle (EV) prices are expected after Tesla’s Model 3 lost a quarter of its value in less than four months.
Record trading between Christmas and the start of the new year demonstrated that car retailers were keen to get a “good head start” for strong January trading, according to BCA.
Land Rover has dominated Dealer Auction’s 2023 used car margin rankings, accounting for 40% of the top 10 models offering the strong profit opportunities to retailers.
A third of car dealers predict that used car values will slump by around 10% as the cost-of-living crisis impacts consumer confidence to deliver ‘more difficult’ trading conditions in 2023.
Stock starved car retailers are avoiding used electric vehicles (EV) as zero-emission vehicles continue to decline four times faster than their diesel-powered equivalents.
The average price of a used vehicle advertised for sale on Auto Trader rose for the 33rd consecutive month in December – reaching £18,030.
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.
