Used car commentary | August 2023
Commercial Director Ian Plummer commented on the figures:
The rapid growth in second-hand electric cars, also seen by record levels of demand on Auto Trader, is encouraging as more consumers identify pre-loved electric vehicles as a more affordable route into electric ownership. The influx of supply at the back end of last year has continued throughout H1 which meant a decline in used car prices, but a welcome boost in choice for consumers. We anticipate the used EV market stabilising now in terms of prices.”
“It’s positive to see healthy levels of growth in used car sales overall during what is a tough economic climate for most. Our research shows that cars aren’t discretionary purchases, so that appetite continues to fuel the market. The supply of used cars has been slow to return after the covid pandemic hit new car sales, but as it does return we’re seeing that available stock is selling well and quickly, in fact cars aged 5-10 years are selling in just 28 days."
"This speed of sale is reflective of the strong levels of demand we’re seeing on the Auto Trader site with overall audience up 17% year-on-year in July which follows eight consecutive months of growth in site visits. This level of demand provides us with a solid trajectory for healthy levels of sales in the coming months."
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