Commentary | 2024 used car transactions
2024 was another significant year for the used car market; prices were stable, cars sold at a record pace, and demand was exceptionally strong, as reflected in the near billion visits to our marketplace. All this against an uncertain economic and political backdrop. With car buyer confidence remaining positive, I’m sure 2025 will be another strong year for used car sales.
“2024 also marked a significant step forward in the electric vehicle transition. Last year demand for used EVs surged 51% on Auto Trader, and they sold faster than any other fuel type. With a growing number of used electric models aged around 3-5 years old at price parity with petrol equivalents, affordability is clearly the tipping point for car buyers. Combined with more choice and greater availability, the case for switching has never been more compelling.
“Knowing that affordability of EVs is the most significant barrier to people making the switch, we would urge the government to financially support the sale of both new and used EVs which could be achieved by support on the upfront cost, underwriting finance on the cars as has been mooted, or by removing additional tax and running cost charges. At this point in the transition, we need to offer more positives of making the switch, not create more barriers to entry.”
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