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04 July 24 Press releases

New car commentary | June 2024

June marked the 8th consecutive month of decline in retail sales - quite a contrast to the months of huge demand we've been tracking in the used car market. With average new car prices rising almost 40% over the last five years, it’s clear cost is the culprit. Manufacturers are responding with discounts but they're failing to keep pace, which is forcing many buyers to opt for a used alternative.

Key spokesperson

Ian Plummer

Commercial Director

CONNECT

Ian continued:

“Whoever forms the next government needs to address electric car affordability and provide long term stability for the market, securing the future of the salary sacrifice and Benefit in Kind schemes is essential as these drive the majority of new electric car uptake and it will be very difficult to scale without these. The market for used EVs is much stronger, which shows drivers are willing to go electric when the price is right.”

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