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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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UK Government Stands Firm Against Reinstating EV Grants

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In a detailed review conducted by the House of Lords regarding strategies to boost electric vehicle (EV) adoption, several key recommendations were made to the UK government, including the reinstatement of the plug-in car grant (PiCG). The report entitled "EV Strategy: Rapid Recharge Needed" also suggested reducing VAT discrepancies between public and home charging stations and introducing a range of fiscal incentives to make electric vehicles more appealing to consumers. However, the government's response to this report has been underwhelming for proponents of faster EV adoption. It rejected the idea of bringing back the previously discontinued PiCG, which had initially provided significant purchase price reductions for new EV buyers since its introduction in 2011. The grant, which decreased from £5,000 per vehicle to £1,500 before its cessation in 2022, was deemed less impactful compared to other existing incentives like company car tax benefits, despite the early ...
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