Used Car Prices Rose By 16.6% in First 8 Months Of 2021
Insight provider, Indicata, published market data showing that car dealers’ stock levels are beginning to suffer after a period in which overall used car sales rose 24.9% in COVID-impacted H1 2020.
Dealers’ used car stocks had fallen 9.3% between August and September.
Auto Trader revealed that more than 1-in-10 nearly new used cars are now more expensive than their brand new equivalents. Limited supplies and soaring demand delivered an 18.6% year-on-year rise in values.
Indicata UK’s Group Sales Director, Jon Mitchell, said: “Buyers continue to clamour for whatever stock they can get their hands on and generally dealers are holding onto the majority of their part exchange stock to retail. We have achieved 100% conversion rates on our online auctions for months as dealers are prepared to give all makes and models of used car a go just to keep their forecourts busy.”
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