Industry News

Used vehicle market is becoming more seasonal

posted on 08/11/2023
Used vehicle market is becoming more seasonal

The used market is starting to develop more of a seasonal feel to it for the first time since before the Covid pandemic, according to Aston Barclay.

Its Q3 used vehicle insights report has witnessed overall demand and prices gently slowing down as buyers become more selective due to market conditions, while volumes continue to rise as new vehicle production improves.

Immediate proof of more used cars coming to auction came as Aston Barclay saw a 10% increase in fleet car sales in Q3 compared to the previous quarter, fuelled by a strong September plate change.

“Covid presented numerous challenges for new vehicle production, which made the market very sporadic,” said Nick Thompson, Aston Barclay’s chief customer officer.

“The new vehicle shortage pivoted the usual New Year, summer, winter and new March and September plate change market adjustments we had been used to for years, but in Q3 we started to see signs the market is reverting to normal.”

The insight found that, currently, the current hot spot for wholesale buyers is between £8-15,000 which means ex-fleet and young dealer part exchange cars (55-75 months) are in high demand.

This resulted in prices of young dealer part exchanges remaining static at £11,266 in Q3, while fleet cars fell by 3.7% (£621) to £16,022, following the trend of prices being marked down by the residual value guides.

EV prices fell again in Q3 by 7.7% (£1,702) to £20,398 but Aston Barclay continue to see more ICE and EV models at the £10-15,000 mark reaching price parity with one another, which is making the ICE v EV choice more straightforward for consumers.

Used EVs reached 4% of Aston Barclay’s total sold volume in the quarter for the first time, a number which will continue to grow as leasing vendors report new EVs and ICE car deliveries are now on par with one another.

*Article Source

Related articles and services

Image of a man sitting in the passenger side of a red van

One in four company drivers vulnerable