Car retailers are having to “work harder” to maintain sales as consumer demand begins to falter, Cap HPI has reported.
Subaru delivered a shock by surging to a second-placed ranking in Dealer Auction’s Retail Margin Monitor.
Holidays in the sun are being prioritised above car purchases ahead of a tough winter which is expected to see the UK slide into recession amid ongoing inflation, Cap HPI's Derren Martin has suggested.
Sub-two-year-old cars priced over £20,000 were the 'sweet spot' for dealers in July, according to the latest eBay Motors Group Market View.
Used car values remain “resilient” despite a 1.1% July dip in advertised values which represented a sixth consecutive month of retail price decline, according to eBay Motors.
Auto Trader has claimed that car retailers pricing their used car stock using “opinion” instead of live market data are losing almost £11,000 a month.
Cazoo’s acquisition of used car valuations data provider Cazana left a “gap in the market”, according to its former vice president of insight and analytics Rupert Pontin.
The battery health of electric vehicles (EV) “must” join age and mileage as a key used car valuation metric, but new legislation might be required, it has been claimed.
Wholesale used car values rose by 8.8% month-on-month at BCA auctions across the UK during June as the remarketing giant recorded its first price growth of 2022.
Vauxhall’s zero-emissions Corsa-e hatchback has emerged as the most desirable’ car at Aston Barclay auctions as EVs and premium cars attract the most attention from buyers.
Despite signs that the UK’s cost-of-living crisis is starting to impact the value of older vehicles, there are no signs of prices “crashing” in the used car sector, Cap HPI’s director of valuations has told AM.
The average retail price of a used car has grown for the 27th consecutive month, reaching £17,252 in June, up 41.5% on June 2019.
The average age and mileage of used cars at auction has continued to rise in the second quarter of 2022, according to Autorola.
Used car sales slowed as the average price of a car advertised for sale declined by 4.7% in Q2 according to eBays Motors data which showed the impact of the UK’s growing cost-of-living crisis.
The UK is now the only used car market in Europe where the value of vehicles continues to fall, according to data published by Indicata.
UK inflation reached a 40-year high of 9.1% as the pricing pressures forcing car buyers to think twice about their next purchase continued to intensify.
Solera has introduced eBay Motors’ live used car retail data to its Audatex Market Value Manager to help insurance claims handlers offer more accurate valuations in a fast-moving market.
Diesel cars remain the UK’s fastest selling used cars and continue to buck the trend of declining values, Aston Barclay has told the BVRLA.
The UK’s used car sector would be “a bloodbath” for dealers without the high values and strong margins maintained as a result of 2022’s supply shortages, Cap HPI’s Derren Martin has suggested.
Auto Trader has urged car retailers not to “jump to rash conclusions about the health of the market” after car price rises eased in May with the prospect of tough times ahead for car buying consumers.