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The level of growth in the new car market will not create a seismic shift in used car values this year, according to whole-life cost expert KwikCarcost.
The Society of Motor Manufacturers and Traders (SMMT) has recently revised its 2014 market forecast to 2.5 million registrations, up 8.1% on 2013, due to faster than expected growth in the first half of this year. There have now been 29 months of consecutive new car registration growth.
Mike Hawes, SMMT chief executive, is expecting growth to stabilise in the second half of this year.
KwikCarcost is estimating a 2014 new car market slightly below that of the SMMT at 2.4 million vehicles.
The latest KwikCarcost monthly update stated: "We do not expect a seismic shift in values; rather, we envisage a moderate softening as varying supply channels are spreading the defleeting times over a wider span than in previous years."
However, Kwikcarcost has applied a slight reduction in values to the supermini and city car sectors due to its concerns with the potential risk of oversupply in those segments in the UK market. The company is also being cautious when it comes to luxury vehicles.
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