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.
Premium cars defied the UK’s deepening cost-of-living crisis to dominate the Aston Barclay desirability index in early September.
Uncertainty surrounding the balance of supply and demand in the automotive sector has created the most difficult period ever to forecast used car value trends, according to Cap HPI.
Suggestions that the UK’s used cars vales are in steep decline are on the verge of a crash have been slammed as “sensationalist speculation” by Auto Trader.
The average price of used cars remained flat in August as stock volumes continued to dip and days to sell improved, research by eBay Motors Group has found.
The average cost of a used van or LCV sold in BCA's auctions during July was £10,220, a 4.2% rise month on month, as used car costs rose by 2.9% to £9,464.
A growing divide in the used car sector is seeing values decline among older vehicles in poorer condition as retailers remain ‘laser focussed’ on fast selling stock, BCA has said.
Car retailers are having to “work harder” to maintain sales as consumer demand begins to falter, Cap HPI has reported.
