New car commentary | May 2024
Ian Plummer, Commercial Director of Auto Trader, the UK’s largest digital automotive marketplace, commented:
The new car market remains sluggish and retail demand has flagged as a dearth of affordable new car models means less choice for consumers, despite fleet buyers underpinning the market.
“Rising new car prices since 2019 mean that even volume brands are suffering as the middle market is hollowed out. The share of new models for sale below £20,000 in the past five years has dropped from 17% to just 4%, underlining the pressure on affordability.
“The high prices are pushing many more buyers into the used market, where demand is up 9% this quarter on 2023. But they also leave the UK market vulnerable to more affordable competition, for example from Chinese electric vehicles.”
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