One of the less-frequently discussed consequences of the UK leaving the EU after June’s referendum is the effect on used car values, but leading vehicle data provider Glass’s says that there would be “significant uncertainty”, should this be the outcome, but points out that there are virtually no precedents on which to base the likely impact of a Brexit.
Commenting on the February new car registrations, Steve Jackson, chief car editor, Glass’s, said: “February SMMT registration statistics show private customers have been incentivised back in to the market with low interest rates, deposit incentives and a selection of new models on offer.
The growing popularity of 100 per cent road-going SUVs and CUVs is a recurring theme for Tyres & Accessories, and the latest report from Glass’s suggests that the used car market is increasingly amenable to some of the less lauded names in this field. Budget “soft-roaders”, as they are categorised in the survey, from less […]
A split between “two tribes” of trade buyers – those who buy almost entirely online and others who remain motor auction-based – is becoming increasingly apparent, says Glass’s. The motor industry data market leader reports that there has been a noticeable hardening in the shape and attitude of both groups over the last year or so.
UK new car registration figures for December 2015 released by the SMMT show a remarkable 8.4 per cent increase on the same period last year and, when combined with the previous 11 months of data, reflect an overall market improvement of 6.3 percent for 2015 over 2014.
Growth in the number and variety of finance packages available to private buyers is set to power the new and used car markets in 2016, predicts Glass’s. In the new car sector, which will see growth in registrations of around 3 per cent, further finance packages will need to stimulate consumer interest and provide new avenues to affordability.
The traditional winter surge in values for 4x4s has failed to materialise again this year and may no longer be a feature of the market, reports Glass’s. The last few relatively mild winters has meant that there has been no spike in retail demand, explained Rupert Pontin, head of valuations.
The fastest selling used cars in different parts of the country have been named by Glass’s, publishers of the motor trade bible, Glass’s Guide. The results, covering the last month of sales, give a fascinating insight into the priorities of different buyers in different parts of the country, said Rupert Pontin, Glass’s Head of Valuations.
Trade values of Volkswagen vehicles have fallen 3 per cent following news of the emissions scandal, according to figures from Glass’s. The figures may be marginal when considered in detail, but they go against the flow of the market.
Trade values of all Volkswagen used cars in the Glass’s database are currently the same as they were at the beginning of September. However, the overall used car market has seen an increase of 2.1 per cent during the same period – meaning that the value of the VWs have effectively fallen by 2.1 per cent.
According to Glass’s, publishers of the motor trade bible Guide, a falsely buoyant picture is likely to be painted by September’s new plate change – despite the probability that it will show the 42nd consecutive monthly increase in new car registrations. Glass’s add that the situation is being complicated by record levels of pre-registrations and there are some worrying factors about to come into play.
Analysts from Glass’s vehicle pricing guide have applauded the simplification of road tax announced in the recent budget and appeared supportive of measures to effective reward newer, lower CO2 vehicles. However, they also said that older vehicles are undertaxed:
Central government and local authorities should think hard and look at the facts before making major policy changes in the name of in the name of achieving ‘green’ environmental improvements, says Glass’s. They point out that knee jerk reactions to studies showing the negative impact of diesel emissions on urban air quality could be counterproductive as well as affect sales and use of diesel cars and commercial vehicles.
The number of nearly new cars in the retail market has nearly doubled in the last six months, indicating that manufacturers are pre-registering ever larger numbers, reports Glass’s. According to Glass’s Radar sales tracking product, the number of sub-one year old cars sold in the UK during March was 91 per cent higher than six months ago, in October 2014.
Following a positive report from Nissan about the performance and reliability of the battery for its Leaf model, Rupert Pontin, Glass’s head of valuations, said: “This is something of a watershed moment for the EV sector, with a major car manufacturer being able to report on the long-term reliability of batteries for the first time – and the results are very, very good.
Steve Jackson has been appointed to the key role of chief car editor at Glass’s, Europe’s largest vehicle data provider. He will be responsible for all car valuations and forecasts for the new and used markets – including the industry-standard Glass’s Guide to Car Values.
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