UK stays solely European nation to expertise declining used automotive values

The UK stays the one European nation to expertise a decline in used automotive values throughout 2022, in line with Indicata.

Knowledge revealed by the automotive administration and advertising and marketing software program supplier confirmed that UK value inflation fell 0.3% throughout August to depart values down by 3.6% year-to-date.

Electrical autos (EV) are the used automotive retail sector’s lone quantity progress success, Indicata’s knowledge confirmed, as inventory shortages proceed to stymie buying and selling.

Indicata UK group gross sales director Jon Mitchell mentioned: “The used market is at a crossroads at present because the summer season holidays are over and the commerce is ready to gauge shopper demand within the run as much as Xmas.

“The restricted used automotive shares and new automotive provides will not be going to alter anytime quickly. Sellers will have to be in tune with the used market each day to see the way it shapes up over the approaching months.”

Indicata mentioned that EV gross sales have been up 53.3% year-on-year from July throughout August.

However inventory flip fell as a result of a scarcity which noticed total used market inventory ranges decline 6.4% between early August and September however stay 8% larger than for a similar interval in 2022.

Earlier this month Auto Dealer asserted that suggestions the UK’s used car values are in steep decline and on the verge of a crash have been “sensationalist hypothesis”.

Final week Cap HPI director of valuations Derren Martin advised AM that uncertainty surrounding the steadiness of provide and demand had created the most difficult period ever to forecast used car value trends.

Talking to AM for an everyday mid-month replace on key developments within the used automotive market Martin said that values “haven’t moved” on the three-years, 60,000 miles benchmark, nevertheless, in a market that continues to be steady from a pricing perspective.

“Every little thing hinges on the provision and cost-of-living state of affairs,” he added.

Indicata urged that some automotive consumers had delayed a transfer to zero emissions whereas the price of residing continues to rise.

Indicata’s top-selling used automotive throughout August was the Ford Fiesta, adopted by the Volkswagen Golf and Nissan Qashqai.

The month’s fastest-selling used automobiles have been Skoda’s Kodiaq, adopted carefully by the Lexus CT and Toyota C-HR.