UK used car market outperforming Europe
The UK used car market is outperforming many European markets, according to the latest INDICATA Market Watch Report.
It found that used car values in the UK are stable while those in key European markets are seeing significant price declines.
Latest analysis showed that UK used prices are just 0.2% down on January 2020 levels, while the average price of used cars has fallen by 1.1% across Europe.
Markets experiencing the greatest declines include Finland (13.9%), Switzerland (13.7%), Denmark (7.4%), Norway (6.6%) and Sweden (3.9%), although average values have increased in Spain (9.5%), Italy (7.9%), Poland (7.8%), Germany (4.3%), the Netherlands (two per cent) and Portugal (1.7%).
The report also revealed that electric vehicles account for 10.66% of sales while making up just 8.86% of stock.
Dean Merritt, INDICATA UK national retail strategy manager said: “The UK market remains in a comparatively strong position against much of Europe supported by strong underlying consumer demand. Although we’re seeing the same trend of rising stock levels and slower vehicle rotation from the continent, used vehicle values in the UK have held up exceptionally well.
“What dealers, leasing companies and fleet operators should be watching closely is the growing volume of nearly new vehicles entering the market. If supply continues to outpace retail demand, particularly in the youngest age bands, pricing pressure is likely to emerge in that segment first before potentially widening across the broader market.”
