More than half of dealers (55 per cent) expect 2024’s used car market to be better than this year’s, new research shows. September’s Startline Used Car Tracker shows that 45 per cent also believe there will be better stock supply and 43 per cent that demand for electric vehicles (EVs) will increase. However, just 25 per cent expect there to be an improvement in consumer confidence.
The UK’s used car market fell -4.3 per cent in the final quarter of 2022, with 1,571,295 transactions. The twelve months of the year saw transactions down -8.5 per cent. “Whilst 2022 experienced a decline in used car sales this was as a result of a particularly strong 2021. Franchised dealers continue to see strong demand in the used car segment, driven by a combination of consumer demand and a lack of supply of new vehicles”, said Sue Robinson, chief executive of the National Franchised Dealers Association (NFDA), commenting on the latest SMMT’s used car figures.
The Q2 figures for used car sales in the UK shows a substantial fall from the figure for 2021, according to the Society of Motor Manufacturers and traders. “The decline reflects the strength of the figures in 2021, the busiest quarter since records began. Franchised dealers continue to see strong demand in the used car segment driven by a combination of consumer demand and a lack of supply of new vehicles”, said Sue Robinson, Chief Executive of the National Franchised Dealers Association.
Almost three out of four UK motorists (73 per cent) back using in-car technology that would help ensure they stick to the speed limit. Speed limiters which actively regulate speed, make a sound or vibrate through the steering wheel or pedals have just become compulsory for new cars introduced in the European Union – and August’s Startline Used Car Tracker reveals they would be welcomed here.
“As new car sales continue to be impacted by the ongoing supply constraints, it is encouraging to see that consumer appetite for second-hand vehicles remained robust in the first quarter of the year”, said Sue Robinson, chief executive of the National Franchised Dealers Association (NFDA), commenting on the latest SMMT’s used car figures. The UK’s used car market rose 5.1 per cent in the first quarter of 2022 with 1,774,351 transactions. There were 86,596 more cars changing hands compared to the same period in 2021. Despite this increase, used car transactions remain -12.2 per cent below pre-pandemic levels.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
Startline Motor Finance