Used car values are likely to rise to “another new level that once didn’t seem possible” according to BCA chief operating officer Stuart Pearson.
Cashflow is quickly becoming king as larger car dealers and used car supermarkets pay well above market valuations to secure used car stock, according to Shoreham Vehicle Auctions (SVA) managing director Alex Wright.
Used car prices rose by 16.6% during the first eight months of 2021 as an imbalance between supply and demand dictates that customers will “clamour for whatever stock they can get their hands on”.
More than one-in-10 nearly new used cars are now more expensive than their brand new equivalents as limited supplies and soaring demand delivered an 18.6% year-on-year rise in values.
New research by Moneybarn has revealed the 'best' and 'worst' cities in the UK to purchase a used car.
Record used car prices are not deterring new car buyers from switching into a used alternative to avoid the lengthy lead times triggered by supply shortages, according to Auto Trader.
Used car sales surged by 19.4% last week as strengthening consumer confidence delivered strong online leads and “a consistent level of footfall at retailer showrooms”, according Cazana.
The average selling price of a used van has remained above £10,000 for the second consecutive month, at Manheim auctions.
Cox Automotive has warned car retailers to brace themselves for a tough September and Q4 as the new EU trade agreement, a logistics “wages war” and evolving consumer habits present further uncertainty.
Used car sales rose 351.4% to a near record 2.17 million sales during Q2 of 2021 as new vehicle supply shortages drove increasing volumes of motorists into pre-owned models.
Car buyers have been faced with a 14.1% increase in the price of the average car advertised on Auto Trader during July.
Used car buyers who paused their purchase to focus their attention on England’s route through the European football championships may have triggered a 26.8% boost to retail sales last week.
Strong levels of consumer demand in the market is continuing to drive used car price growth on Auto Trader, according to its latest data.
Cox Automotive has downgraded its 2021 new car registrations forecast by 2.48% amid expectations that vehicle supply issues will leave Q3 deliveries down 17.7% on the 10-year average.
Used car supermarkets sold vehicles almost twice as fast as their independent counterparts as they cut retail prices to drive sales in June.
An 11.1% June uptick in used car prices on Auto Trader suggests that dealers have been making efforts to realign their advertising to accommodate recent months’ wholesale price surge.
BCA has questioned “sensationalist” media coverage of used car price growth, arguing that wholesale values have only seen subtle changes.
Marshall Motor Group chief executive Daksh Gupta has given an insight into how the AM100 PLC will continue to adapt to the changing car retail market after a “pretty special” start to 2021.
Used car dealers have been urged to remember that consumers ultimately dictate the price a car can be sold at as wholesale values continue to place pressure on stocking levels.
Car retailers will be locked into a strategy of “retaining profit margins at all cost” as vehicle supply issues continue into 2022, according to Cox Automotive.