Affordability shifting UK’s used car market
As the cost-of-living crisis continues, affordability is driving customer behaviour in the UK’s used car market.
According to the latest analysis from Cazoo, average used car prices in May rose £23 month-on-month to £17,655, with used electric vehicles and models over 10 years old proving the most popular.
Prices for models over 10 years old were up 10.6% year-on-year and 1.3% month-on-month to £7,637, with average values in this age category now increasing in 10 of the last 12 months.
This reflects growing demand for cheaper, older models as economic uncertainty continues to influence customer buying habits.
In terms of models, the Vauxhall Corsa was the most popular in May, followed by the Nissan Qashqai, Ford Fiesta, Volkswagen Golf and Ford Focus.
Affordability
Lucy Tugby, chief marketing officer at Cazoo, said: “May’s used car market was stable with buyer demand ensuring prices remained firm. Older profile cars continue to attract the attention of buyers undoubtedly focused on affordability, with big name franchised groups now increasingly stocking them.
“Our Market View data shows stock levels for 8-10-year-old cars increased 1.4% month-on-month, resulting in a year-on-year rise of 8.3%, highlighting their desirability for buyers and dealers.”
