With new car sales down by 25% year to date, the prices of used cars have been forced up by a lack of supply. Many car dealers rely on part exchange stock to fill up their forecourts, topping this up with direct purchases from large fleets and auctions.
But with fleets keeping their cars longer, and auction houses deprived of cars by increasingly active inter-trade buying, dealers are carrying less stock, and are more inclined to pay a higher price for the right car.
So with new car prices at an aggressively low level, and used car prices at a 12 month high, there are opportunities for consumers to drive great deals.
Used car prices are likely to remain stable for some time, with trade bible Glass’s Guide predicting a period of calm where supply and demand are fairly evenly matched.
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