Delegates at the September meeting of the Vehicle Remarketing Association (VRA) were warned that the used Electric Vehicle (EV) market is in danger of “becoming skewed”. Andy Webb, head of sales from Brego, explained that fleet dominance of the EV market meant there were too many medium and large electric cars entering the remarketing cycle, and not enough smaller ones for everyday buyers.
The Vehicle Remarketing Association believes there is an imbalance in government incentives between new and used electric vehicles. It says more needs to be done to ensure a healthy market for used models. The association is calling for this support to feature in the Spring Budget. VRA chair Philip Nothard said: “The government should be applauded for doing much in recent years to encourage uptake of new EVs, especially through low personal company car taxation. This has been notably successful and electric power now makes up a significant proportion of new car sales. However, the used car sector has so far been left to look after itself when it comes to EVs and, as shown with dramatic price falls in recent weeks and months, demand is extremely variable even for the relatively low numbers of electric cars now making their way onto the used market.”
Philip Nothard has been elected as the new chair of the Vehicle Remarketing Association, succeeding Sam Watkins, who has held the role for the last two years. With a 30 year career in the used car sector, he is currently insight and strategy director at Cox Automotive, and has also held key positions at Cap HPI as well as other senior roles across the automotive sector.
The latest temporary closure of Honda’s Swindon plant because of parts shortages could be the “tip of the iceberg” for new car supply issues in 2021, the Vehicle Remarketing Association is warning. Chair Philip Nothard said that the problem, believed to be caused by poor availability of semiconductors, was potentially a sign of things to come from all manufacturers.
With 2020 just around the corner, the future of the UK new car market looks bleak amidst economic and political uncertainty. The latest figures from the Society of Motor Manufacturers & Traders (SMMT) shows the new car market continued to decline with new registrations down 1.3 per cent year-on-year.
New diesel car sales are falling so quickly that there could be shortages of them on the used market in the near future, says the Vehicle Remarketing Association. The organisation, which represents companies that handle, sell, inspect, transport or manage more than 1.5 million used vehicles every year, says that while new car diesel demand has plummeted, corresponding used demand has stayed relatively firm.
National No Smoking Day falls on 9 March and serves as a reminder of the new law, which bans smoking in vehicles carrying children. Not only is this a timely health warning, but motor industry valuation specialist, cap, warns that smoking in the car can also damage the resale value of vehicles. With this in mind, cap urges car owners to stub out the cigarette for a healthier body and bank balance.
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