What is the second-hand car market like?

Auto Trader found there are strong rates of growth across different fuel types and age groups, particularly among older cars. Second-hand cars aged over 15 years old saw an impressive 8.7% increase in average retail value compared to July 2022, and a 2.6% increase from last month, June 2023.

Are UK second-hand car prices falling?

Average used car retail prices have fallen on a year-on-year (YoY) basis for the first time since March 2020, Auto Trader has found. Its Retail Price Index reveals the average price of a used car was £17,736 in September, down 0.4% year-on-year and 1.2% month-on-month.

Is now a good time to sell a second-hand car?

If you've got a second car which you're not really using and you're debating whether to sell it, now could be a great time to do so. The value of used cars increased in 2021 due to the holdups in new car supplies. According to experts, values are not going to fall suddenly in 2022.

Will used car prices drop in 2023 UK?

Whilst used car valuations are falling (used prices fell by 2% in August 2023) there are no signs of an impending 'price crash'.

Should you wait until 2023 to buy a used car?

For those looking to buy used cars, the market is expecting to see a 10-20% drop in prices which makes 2023 the perfect year to buy a used car in impeccable condition. Below, we have highlighted the biggest opportunities 2023 will bring for you to purchase your car.

The UK used car market is a joke!!

What is the second hand car market forecast UK?

“By the end of 2023, more than a fifth of 0-1-year-old vehicles in the UK parc is expected to be a BEV, and this figure is projected to increase to 41% for 1-3-year-old cars by 2027.

Are second hand car prices still inflated?

Since the Covid pandemic used prices have soared - up as much as 32% between 2021 and 2022, according to some sellers - but the latest quarterly data from AA Cars shows a minor 0.3% change in 2023 compared with 2022 for the 20 most popular models.

Why are second hand cars so expensive at the moment UK?

Although the true answer as to why used cars sell for so much is complicated, it boils down to three things: supply shortage, higher production costs, and inflation. Aside from that, they're also charging so much 'because they can'.

Where in UK are used cars cheapest?

What is the cheapest city to buy a car? Currently, the cheapest place in England to buy a used car is Nottingham, where the price can be up to 35% lower than the rest of the country. After Nottingham, Hull and Birmingham also tend to have significantly lower prices than the national average.

How much does a good second hand car cost in UK?

Used convertibles recorded the steepest price inflation in the United Kingdom between October 2021 and October 2022, reaching an average selling price of around 41,750 British pounds. In contrast, the price of hatchbacks had on average decreased, down to 15,700 British pounds.

What is the best value second hand car in the UK?

According to CarGurus data, the Tesla Model 3 is the best value used car on sale in the UK right now. It's joined in our top 10 list by no fewer than six other electric cars, including the Volkswagen ID. 3 and Jaguar I-Pace.

Which second hand cars have gone up in value?

Is it a good time to buy a car UK?

For those looking to buy used cars, the market is expecting to see a 10-20% drop in prices which makes 2023 the perfect year to buy a used car in impeccable condition.

What is the current state of the used car market in the UK?

UK used car market falls -18.8% in Q2 2022 with 1,759,684 cars changing hands. First half transactions down -8.3% on last year and market now -12.8% year to date behind pre-pandemic 2019. Battery electric vehicles (BEVs) see boost of 57.1%…

How is the used car market right now in UK?

The UK's used car market suffered during the pandemic. In 2020, the used car market fell by 15% on the year before with 6.7 million cars sold. In 2021 it fared better, growing by 11.5% compared to 2020, with 7.5 million cars sold.

Should I buy a 10 year old car UK?

Cars are usually reliable for up to five years if they've been looked after. But a well-maintained 10-year-old car could be a better investment than a newer model that hasn't been cared for as well. Budget is also a major factor. The older the model, the lower the cost.

What is the cheapest month to buy a car?

December is the cheapest month to buy a car because that's when car dealerships are clearing their inventory to make room for next year. It's also when car salespeople are competing to meet their yearly, quarterly and monthly quotas.

Is it worth buying petrol car in 2023?

Is it worth buying a new petrol or diesel car in 2023? Electric, hybrid and plug-in hybrid cars now suit more drivers than ever before, meaning that if you're in the market for a new car, we'd strongly suggest you see if one of those types of car would suit your needs.

What second-hand cars sell the most?

Are UK used car prices still rising?

UK used car prices 'wont drop anytime soon' warn experts as values for older models jump in 2023. Used car prices around the UK are still rising and are unlikely to fall in the coming months, industry experts have warned.

What is the oldest second hand car you should buy?

Cars older than eight to 10 years will be a riskier option, depending on the driving and maintenance history, while vehicles over 15 to 20 are usually nearing the end of their service lives.

Which car brand is best for secondhand?

Best Car Brands to Buy Used

Some brands simply feature more reliability and safer vehicles than others. That's why you might want to consider a used Lexus, Toyota, Mazda, Subaru or Kia as these topped the Consumer Reports listing of the most reliable brands.

What is the fastest selling second hand car in UK?

The car with the shortest selling time of all is BMW's X1. The compact SUV flies off forecourts in just a week and a half, it claims. The data is based on the average selling time recorded on one of the leading used car online marketplaces between June 2022 and June 2023.

What is good mileage for a used car?

The average mileage for a used car, by age

On average, a car should have around 10,000 miles per year. So, for an easy way to calculate how many miles on a used car is too much, just multiply its age by 10,000. For example, a five-year-old car would ideally have 50,000 miles or less on its odometer.

Are second hand cars selling in UK?

So far in 2023 used car sales have grown by 4.1% compared to Q1 2022, with Q2 seeing another 4.1% growth compared to the same time last year. Demand for electric cars for sale has exploded, with an 81.8% increase in sales and now accounting for 1.7% of the market.