- Used car prices rise by 28% in 2021
- Used car stock levels have fallen by 17% during the year
USED car prices in the UK have risen by 28% in the first 11 months of 2021, more than any other European country according to the latest INDICATA insights report.
Used car sales rose again by 13.7% in November compared with November 2020, but stock levels only rose by 3.1% which explains why prices have remained so high as demand continually outstrips supply.
“This current market trend of demand exceeding supply looks set to continue into the back end of 2022. Both the wholesale and retail markets have got to get used to prices at this level being the new normal,” said Jon Mitchell, INDICATA’s group sales director.
“Stock levels show no sign of improving which guarantees prices will remain strong. There are restricted number or part exchanges coming into the market and a vast number of leasing contracts continue to be extended until such time as new car supplies improve,” he added.
Automotive and fleet writer for Broker News
