7:44 am, May 20, 2020
A swathe of used car prices continue to rise marginally as car dealers prepare to get back to work on June 1, according to new data.
Used car price specialists Cazana have revealed that petrol cars in particular have risen in the last seven days, but the gains have been small and off-set by falls in diesel.
Large petrol cars have gone up two per cent, the luxury petrol car sector has risen 1.13 per cent, small petrol cars are up 0.4 per cent and medium petrol cars a fraction at 0.09 per cent.
The unpopularity of diesel cars, meanwhile, continues and prices are dropping here at a similar level to those rises seen in petrol models.
Cazana noted falls in four out of the nine diesel categories it assesses with superminis down 1.9 per cent, small cars down 0.4 per cent.
However, medium, large and sports diesel models all rallied slightly with marginal rises in prices of less than one per cent.
Used hybrid and electric vehicle prices have remained largely unchanged during the last week assessed by Cazana.
Rupert Pontin, director of insights for Cazana, gave us his detailed view on the used car market on Monday during our Car Dealer Live interview, which you can watch above.
He urged dealers not to panic on used car prices – and these latest minor changes, all of which are less than two per cent changes up or down, will back that up.
He said: ‘Our main message is don’t panic. Don’t take the view that you need to be shifting lots of your stock on day one.
‘We’re seeing a lot of pent-up demand from people who are ready to go out and buy vehicles, and there is likely to be a shortage of stock in the first few weeks, so the stock that you’ve got is probably the stock that you’re going to be stuck with for the first few weeks, so don’t sell it short.’
In his latest report on pricing, which these figures are taken from, Pontin says the used car market shows greater signs of opening back up.
He said: ‘The used car market is beginning to show signs of greater activity with the increase in the number of dealers transacting car sales online rising by the day.
‘Now that socially distanced delivery has been introduced, both business and consumer confidence is starting to grow.
‘This means that pricing cars appropriately to attract the consumer is becoming more important, and this is a trend that is likely to continue in the coming months.’
The latest insight into used car prices follows news from CAP that prices are falling in the five year and older category – the only age range it is currently prepared to move until the volume of sales picks up.
Auto Trader recently told Car Dealer Magazine that used car prices have held firm during the lockdown – with some marginally rising – while Motors.co.uk has said its latest analysis of asking prices on its site has seen them pushed down two per cent.
Video: Used car prices hold firm in April and the future of market is in car dealers’ hands
Investigation: Is now a good time to buy a used car and what will happen to used car prices?
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