UK reports Europe’s strongest used car pricing in July as stock falls by 22% according to latest INDICATA insights

Used car pricing in the UK was the strongest in Europe in July according to INDICATA’s latest Market Watch insights report.

Prices rose on average by 1.7% in July helped by a 22% shortfall in used stock in the market on 1 of August compared with the 1 of April.

Sales fell by 1.8% in July as a result of this stock shortage compared with a 3.7% rise in June, but still the UK’s recovery in just two months of franchised dealers opening for business has been extraordinary.

The consumers’ appetite to buy electric or hybrid cars coming out of lockdown continues with sales up 53.5% and 51.2% year-on-year respectively while 6-9-year old used cars continue to be the most popular price band. Prices of electric cars in Q2 rose by £2,525 to £13,688 and hybrids by £1,461 to £16,156, although supply is currently very limited.

Unlike many European markets luxury cars and SUVs are the UK’s strongest market segments experiencing a 11.5% and 11% increase year-on-year.

“July was a very busy month with demand exceeding supply. There are signs from some of our vendor customers that supply is starting to increase coming into August and with the new plate change coming up in September we should see new part exchange coming into the market,” explained Jon Mitchell, INDICATA’s group sales director.

“Despite that increase in supply prices look as though they will be strong during the summer, but we will have to wait to see how economic conditions will impact prices during the autumn,” he added.

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