Rising costs, wholesome demand, and sooner promoting instances had been seen within the used automobile market in March, says Auto Dealer.
The common used automobile worth rose to £16,915, up 0.1% MoM, marking the second consecutive month of worth progress.
Richard Walker, Auto Dealer’s information & perception director, stated: “March’s information reinforces the continuing evolution of the used automobile market. Whereas worth confidence amongst retailers is rising, the market stays dynamic, notably with the inflow of used EVs.
“Retailers who leverage real-time information and superior pricing methods, pricing their automobiles ‘retail back’, will probably be greatest positioned to optimize margins and preserve a aggressive edge within the months forward.
“As the used car market adapts to shifting supply and demand trends, a data-driven approach will be essential for retailers to navigate the complexities and sustain profitability in the coming months.”
Total used automobile demand grew +1.0% YoY whereas provide elevated +5.7% YoY.
Used automobiles are taking a median of 25 days to promote, down two days from February. Petrol automobiles offered in simply 24 days, making them the fastest-selling gas kind.
Costs for petrol and diesel engines rose to £14,849 (up +0.1% MoM) and £14,276 (up +0.8% MoM) respectively.
Downward strain on used EV costs (down –1.6% MoM to £25,190), attributable to the availability and demand imbalance is making them a extra enticing possibility.
Provide of used EVs elevated +54.7% YoY, largely attributable to ex-lease automobiles returning to the trade, outpacing EV demand progress of +35.9% YoY.
Nearly all age cohorts of automobiles returned to optimistic YoY worth progress in March. Retail costs for 3-5 12 months outdated automobiles have now seen worth actions of +0.9% YoY regardless of constrained provide.
