Monday, May 20, 2024
Home Latest The used car prices continue to rise after the dealers reopen

The used car prices continue to rise after the dealers reopen

Big Motoring World dealership

Used car prices continue to rise as buyers flock to reopened showrooms after the lockdown.

Data from the online auto market, Auto Trader, found the average price of a used car in April was £ 14,124, up 7.1 percent from the same month last year and the 13th straight month in which prices rose.

In addition, it should be noted that the growth rate of 7.0 and 6.6 percent in March and February respectively rose.

Car dealer sold(Blackball Media)

With dealerships reopening last month, Auto Trader reports that market demand increased 36 percent in April 2019, while traffic through the company’s platforms also increased 36 percent to nearly 70 million visits.

Richard Walker, Director of Data and Insight for Auto Trader, said, “Demand in the market has increased significantly over the past month, which has accelerated what was already very strong price growth.

“Fortunately, broader economic factors suggest that this high demand for car purchases will continue for some time. If so, we need to see supply improve significantly from today’s levels before it hurts either the price growth we are tracking or the retailers’ margin opportunities. “

All fuel types saw price increases, but electric vehicles saw the greatest increases. Demand for electric vehicles from mainstream manufacturers rose 242 percent in April year over year, but the only 84 percent increase in supply led to a 8.2 percent increase in prices.

Demand for gasoline and diesel vehicles each increased about 60 percent, while supply fell 12 and 24 percent, and prices rose 5.8 and 9.2 percent, respectively.

RELATED ARTICLES

Most Popular

Recent Comments