Used car market buyer demand strains supply
New data from Percayso Vehicle Intelligence has revealed stability in the used car market in June, with three-year-old models losing just one per cent of their value.
It found that strong consumer demand coupled with lower stock levels resulting from the semiconductor shortages have contributed to price resilience.
Meanwhile, data from Percayso Vehicle Intelligence has also revealed a shift in buyer behaviour towards transitional fuel types, with petrol models seeing values fall by 1.35%, diesels and electric vehicles down by 0.9% and 0.8% respectively, and hybrid models falling by just 0.5%.
In terms of body style, small hatchback models saw prices actually rise by 0.4% while SUV values decreased by 0.8%.
With the cost of living continuing to impact buyer confidence, cars priced under £10,000 saw a modest price increase during the month with the most sought-after mileage in the 30,000-40,000-mile bracket.
Automotive expert Derren Martin said: “June has proved to be a stable month in the used car market, despite the hot weather that can often distract consumers from car-buying activities. With three-year-old cars still low in volumes, due to low registrations in 2022 from semiconductor shortages, prices are continuing to hold up well.
“Hybrids, hatchbacks and price-point cars seem to be the most in-demand, but the whole market is in a good place. There may be some slowdown over the upcoming school holiday period, but the overall sentiment is for continued stability in the used car retail market.”
