We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive all cookies on the Business Car website. However, if you would like to, you can change your cookies at any time
The start point for the best source of fleet information |
The used car market is set for a fast start to 2024, it has been said.
Shoreham Vehicle Auctions MD Alex Wright made the claim, saying that consumer confidence would lead to increased demand.
He said that consumers would realise the UK economy was strong, supported by reduced inflation and retail prices, and would therefore be ready to invest in replacing their car.
Wright said: "Once the penny drops with consumers that the economy is stable then the demand for used cars will return back to its seasonal winter level again for the first time for a few years.
"A seasonal winter used market sees prices and demand slowdown pre-Xmas and prices and demand rising again post-Xmas.
"We anticipate demand increasing in January and February which will give the remarketing sector a strong start to the year."
Wright said that the early months of 2024 would see an end to a cycle of gently falling prices seen in the market for the past 18 months.
He said: "New car supply will carry on improving and it is only a matter of time before it gets back to pre-Covid levels.
"We predict used demand in Q4 will also remain consistent, particularly in the three to five-year sub-80,000-mile category."
BusinessCar magazine ©2019
Business Car Magazine © 2020 | Business Car is part of NS Media Group.
