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Used car prices rise amid stock shortfall

Date: 17 August 2020   |   Author: Sean Keywood

The UK recorded the strongest used car pricing growth in Europe during July, according to market analyst Indicata.

It attributes the 1.7% rise to a 22% decline in the number of vehicles on the market since April, which also caused sales to fall by 1.8% in July, compared with a 3.7% rise in June.

According to Indicata, six- to nine-year-old used cars continue to be the most popular, while the strongest model segments are luxury cars and SUVs, for which sales rose year-on-year by 11.5% and 11% respectively.

There's been big demand for electric and hybrid cars, for which sales rose by 53.5% and 51.2% respectively year-on-year, while respective average prices also rose, compared with Q2, by £2,525 and £1,461, although supply was very limited.

Indicata group sales director Jon Mitchell said: "July was a very busy month with demand exceeding supply. There are signs from some of our vendor customers that supply is starting to increase coming into August. 

"With the new plate change in September we should also see new part exchange stock coming into the market.

"Despite that increase in supply prices look as though they will be strong during the summer, but we will have to wait to see how economic conditions will impact prices during the autumn."