10:31 am, September 17, 2020
Used cars sales fell by 3.3 per cent year-on-year in August, new data shows.
Indicata’s latest used car report showed used car sales weakened as priced remained strong.
The used car market may be ‘cooling off’, reckons the firm.
During August, the UK was the only one out of 13 European countries to experience a year-on-year fall with the sub-three-year sector down by 15.75 per cent.
Indicate says volumes were also down by 50 per cent in the sub 12-month sector caused by OEMs reducing their push on self-registrations and demonstrators as new car shortages continue.
The six-nine-year age group was the only one to rise during August by 8.8 per cent.
Indicata’s report showed hybrids and EV sales were up year-on-year by nearly 50 per cent.
Meanwhile, the luxury and SUV segments were the only ones to experience annual growth in August.
Retail prices rose by 1.9 per cent during August, which reflects the very high wholesale prices in the market, but Indicata says there are still strong profit opportunities to be had on dealer’s fast-moving stock.
Jon Mitchell, Indicata’s group sales director, said: ‘The UK used car market saw an interesting blend of high prices, improving stock levels and a fall in demand year-on-year.
‘Based on these trends, September could be more of a challenging used car month for dealers.
‘Dealers must invest in identifying the fast-moving stock.’
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