Used car transactions | Q4 2022
Against an uncertain economic and political backdrop, the used car market remains in good health. The ongoing dearth in supply caused a softening on 2021’s exceptional performance, but the market closed 2022 in a strong position, and critically, carried some great momentum with it into the new year.
“Last month saw a record 80 million visits to our marketplace - nearly 10 million more than a year ago - and according to our data, a circa 8% year-on-year increase in used car sales across the market. And despite potential headwinds, demand should largely be shielded, not least due to the fact cars are for most motorists a fundamental need; even more so, given the current disruption in public transport.
“2022’s EV boom is, however, at risk as our data shows demand for used electric vehicles has been dampened by high energy prices in the last few months. The share of used electric advert views on our platforms fell from 6% in June 2022, to just 4% last month. A surge in supply over the same period, has resulted in five consecutive months of decline in used EV values.
“The used EV market will play a vital role in driving mass adoption of electric cars, and unless more drivers are prepared to consider second-hand alternatives, the government’s ambitious 2030 targets will be harder to achieve. Encouraging car buyers into used EVs through incentives, marketing, and education to demystify them will be critical.”
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