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Used car sales fall as prices remain strong

Date: 14 September 2020   |   Author: Sean Keywood

The UK used car market saw sales fall by 3.3% year-on-year in August, with prices remaining high, according to market analyst Indicata.

It said the UK was the only one out of 13 European countries analysed to see a fall, including a 15.75% drop for vehicles less than three years old.

Volumes for vehicles less than 12 months old were down by 50%, due to OEMs reducing their push on self-registrations and demonstrators as new car shortages continue following the Covid-19 lockdown.

The only sector to see sales rise was six to nine-year-old vehicles, up by 8.8%.

Hybrid and EV sales were up by nearly 50%, while luxury cars and SUVs also saw growth.

Overall retail prices rose by 1.9%, while Indicata also says stock levels grew by 3%, as used cars stuck in the wholesale supply chain reached forecourts.

Indicata group sales director Jon Mitchell said: "The UK used car market saw an interesting blend of high prices, improving stock levels and a fall in demand year-on-year.

"Based on these trends, September could be more of a challenging used car month for dealers."