- OEM tactical registrations grew by 39% in April
- Risk of damaging RVs says INDICATA UK’s Head of Sales Dean Merritt (pictured above)
- High volumes of used EVs remain locked in the wholesale market
- UK Market Days’ Supply of EVs is lowest in Europe
- Petrol cars fastest-selling used cars in the UK in April
OEM-backed tactical registrations played a significant role in the April used market reports INDICATA UK’s latest Market Watch report.
The business intelligence provider for used car operations said sales of cars under 12 months cars increased by 39.1% year-on-year.
It believes this is another major sign that the car supply is now back close to pre-Covid levels but one that could contribute to damaging used car values in the long term if the trend continues.
The report found that a number of nearly new used cars, in particular EVs, were being registered but were failing to be sold forward as dealers continued to limit the number of used EVs they buy. But if the used EV floodgates opened then it could further compromise used values just as EV prices have stabilised during 2024.
However, it should be noted that the Market Days’ Supply of used EVs is lower in the UK than any other European country at 57 days. Petrol was on 40 days, diesel 44 days and hybrids at 45 days.
Market Days’ Supply measures available used stock in the market versus its current daily run rate which saw EVs compete favourably with ICE cars once again in April.
“The used market continues in its healthy state as supply and demand remain finely balanced. If the volume of nearly new used cars getting pumped into the market continues to increase it will impact the used values of all cars, not just EVs,” said Dean Merritt, INDICATA UK’s Head of Sales.
Automotive and fleet writer for Broker News
