Used Car Market Remains Buoyant Despite Economic Uncertainty
Demand for second-hand vehicles remains high here in the UK despite the current economic climate, says online used car platform Auto Trader.
According to the company’s latest data, the volume of advert views on its site in September was still 17% higher than pre-pandemic levels.
This unprecedented demand continues to have an effect on prices, too. This September, they were 11.2% higher than at the same time last year, making September the 30th consecutive month of price growth.
According to the data, used cars on Auto Trader’s platform took an average of 26 days to sell last month – two days less than in August.
The expert’s view
Reflecting on the data, Auto Trader’s Director of data and insights Richard Walker said: “It seems almost every week the market is having to contend with another potential headwind, most recently the Chancellor’s not so mini budget. And as we’ve seen following other recent economic disruptors, some have been quick to suggest it’ll be the straw that breaks the camel’s back.
“However, we’re simply not seeing any sign of it, with levels of consumer demand, intent, and budgets all remaining stable.
“To understand the current and future health of the market, it’s important to look beyond the headlines and assess the data for the true picture.
“Whilst the used car market won’t be immune to these macro changes, including the potential impact of rising interest rates on finance deals, there are a range of factors unique to the automotive market which we believe will continue to insulate it from broader economic disruption and continue to fuel sustained levels of demand, and with it strong used car prices.”
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