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Used car prices fall as sales rise in Q1, data shows

Date: 22 April 2022   |   Author: Sean Keywood

Average UK used car prices fell by 1.9% in the first quarter of 2022, according to analyst Indicata.

The company said it was the first real fall in prices seen since the first quarter of last year.

However, strong demand for used cars saw sales increase by 9.8% compared with the first quarter of 2021, a time when the UK was also still affected by Covid-19 lockdown measures.

Indicata described this year's Q1 price drop as a minor market correction due to reduced consumer confidence amid rising inflation.

Stock levels at the end of Q1 were 6.3% down on April last year, due to the knock-on effects of new car production problems.

Indicata also reported strong demand for used EVs, with stock turn for these models outpacing that seen for petrol and diesel cars.

Indicata group sales director Jon Mitchell said: "2022 has already shown a different side to the used market. Stock levels are still compromised, and sales have started to grow again, but prices have softened in the first three months of 2022.

"With retail confidence falling, this shows signs of a market correction, although we believe it's a minor blip rather than the start of a major fall."