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Used Car Prices Experience Notable Shift in October

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In recent motor trade news, October witnessed a significant 4.2% drop in used car prices. This is the most substantial decline since 2011, making it the most considerable fall ever recorded for the month by valuation specialists Cap HPI. Interestingly, such monthly declines exceeding 3% have only been reported three times previously. Derren Martin, the esteemed director of valuations at Cap HPI, conveyed this insight in an exclusive interview with Car Dealer. The downturn means an average setback of around £850 per used car. Contrasting this with the previous year's figures, October 2022 saw just a marginal dip of 0.5% in used car prices. While many in the trade may be alarmed at the sudden drop, Martin prefers to view it as a 'significant realignment' rather than a dire 'crash'. He shed further light on the matter, commenting on a notable observation: there's an abundance of cars available now, but a waning demand. "There’s more cars out there and the...
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Car Dealer Podcast Edition 129

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In a recent edition of the Car Dealer Podcast, hosts Jon Reay and James Baggott, accompanied by Pete Withers from AutoEngage, delve into a rich assortment of topics vital to the motor trade. From Carwow's financial results to Sytner's remarkable profits, and even an intriguing segment on brain scanning, the episode is brimming with insightful discussions. A pivotal point of conversation was the electric car regulation, rekindled not just by James’ ongoing issues with EV chargers, but also due to the Labour party's commitment to reinstating the 2030 deadline for electric vehicle adoption. Withers shed light on the ramifications of the Zero Emission Vehicle (ZEV) mandate, highlighting the potential fines for manufacturers missing their targets, and how these costs might trickle down to the dealers. He expressed concern that pushing the deadline back to 2035 could lead to complacency among consumers, potentially making it more challenging for dealers to 'sell more cars...
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Used car prices drop slightly for the 1st time in 41 months, but it's not all doom and gloom!

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Last month saw a noteworthy change in the motor trade scene. For the first time in a staggering 41 months, used car prices experienced a slight dip. As per the latest Retail Price Index presented by Auto Trader, the average cost of a used car stood at £17,736, a minor 0.4 per cent decrease compared to the previous year. This downturn, the first since March 2020, wraps up an exceptional era for the motor trade. However, not all segments of the market witnessed this contraction. Cars in the age bracket of ten to 15 years saw a remarkable growth of 9.8 per cent year-on-year, while the 15+ market enjoyed a 6.1 per cent hike. Conversely, newer cars, particularly those under a year old, suffered a 2.5 per cent decrease in their values. The reason behind these dynamics? Auto Trader's experts believe the trend can be attributed to the gradual easing of supply constraints, leading to an increased number of second-hand cars joining the market. Richard Walker, Auto Trader’s director of d...
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