Are used car prices going up or down UK?

Are used car prices going up or down UK?

Will used car prices come down in 2023 UK?

With the government now expected to announce plans to cut CO2 output in 2023 and a number of new vehicles getting cheaper for the first time ever in 2023, will UK used car prices continue to fall in the long term? This is a major issue in general, but especially with regards to buying pre-owned cars as it can be extremely costly. So what will be the prices in 2023 and beyond? Are used prices set to drop? Will the majority of used car prices decline? How do you know? With a lot of uncertainty around used cars prices, what has been forecast in previous years and is it true to present trends? We have analysed past predictions and current data to try to answer these questions. It is also possible that prices can become more expensive in the short-term but eventually decline, so we wanted to know if this was the best case scenario? In fact, we will also answer the same question for next year (2019).

We are going to compare two years to see how prices compare and then consider a decade (10 years) from now to give you an idea of what 2023 will be like. To do this, we need two things: a good starting point and the current year that we want to know about.

Starting point: Used car market 2023. Looking at past predictions for the used vehicle market in 2023, it is clear that the UK used vehicle price predictions haven't been accurate and very little has come true over the last five years or so. In fact, we are going to make some changes because the past five years have had significant changes in the British motor industry. The market has become much bigger which is great, but also more volatile. This makes it hard to predict what 2023 used car prices will be as we would only be able to predict on the basis of previous years. Also, as the British Motor Market grew, so did the total costs involved with buying a used car, making the price comparison of one year ago a very poor source of information. That means we can make some predictions on next year, but we will still keep it to the past five years (2013-2017)

So, looking at the past few years, we will give you two years: 2023 and 2023 to let you see the direction prices will head. We think that 2023 will be a similar kind of year to those in 2023, 2023 and 2023, when it was expected to remain stable.

Are used car prices going up or down UK?

The past month has not been a good one for buying and selling car dealerships. In fact it's been very similar to the previous year with the pound falling, economic uncertainty and Brexit fears. It seems like everyone is concerned about buying or selling cars nowadays, although many people are having little problem selling their vehicles.

Buy used cars at a great price. If you are worried about buying new car dealerships, then there is still another option. You can buy new cars but you can also buy used cars at a great price. The truth is that today's prices are not as high as they were in the recent past, so it will cost you less to buy used cars than new ones.

There is one important thing to understand, however: if you want to get a real bargain, it's not worth paying a dealership's high purchase price just because the car has been recently advertised as being brand new, even if it's only a few months old. Most dealerships will make a profit by doing their utmost to sell the expensive brand new cars. They try to convince the potential buyer that this car is worth hundreds of pounds more than its actual price. If you can do better, though, you need to look elsewhere. It's a simple concept.

So what makes the right price? The correct price depends on many factors. First, there is market value - that's the amount you think a vehicle is worth. Then there is the fair market value. This is the amount a typical buyer would be prepared to pay for a used car. It is an estimate of its market value, based on the average deal done by buyers in your area. The average value may be higher than the market value for a particular car, because buyers sometimes overpay.
Thirdly there is an estimate of the best price you should offer for a car. This is a fair price based on an assessment of the time of day you are placing the advert, the dealer's competition and other factors, all of which we'll cover in more detail later.

If you can be the highest bidder, your chances of securing a real bargain are higher. The market can change quickly. The highest bid will generally prevail.

Of course, just because you win doesn't mean the vehicle will be cheap.

What is happening to used car prices UK?

used car prices trend uk

It's no secret that used car prices are at the moment higher than they've been in a long while. Anecdotally, we hear that used car buyers are having to pay significantly more for their purchase and this is having some impact on how people buy cars. What is actually happening and what can we expect? Will this trend continue?

First things first, what has caused this price spike? Used vehicle prices have been climbing since the beginning of the year but we all know that we are currently approaching the end of September something pretty significant must have happened between August and now to have driven such dramatic increases in used car prices. According to a YouGov poll, 53% of people who've bought a used car say that finance was the main reason that drove their purchase and a further 40% of people who've bought used cars say they purchased a secondhand vehicle because of the price, the type or the condition. However, only 10% of buyers chose the finance option and this leaves some room for alternative reasons behind the rise in prices. Perhaps there have been substantial changes to the way financing is available for used vehicles meaning that many people will be deciding to move to other means of finance rather than paying up more for financing. Another possible explanation could be that the high number of new cars coming to the market which may be slightly cheaper than previous models is deterring consumers from buying secondhand.

As soon as a new model becomes available for sale, dealers rush to get hold of it - this happens before there is any public awareness of a new car being on sale and before it has reached the showrooms. The first models of new cars are often more expensive to buy than the last ones. There is more supply in the system, which could be a reason why some people are now choosing to buy a used vehicle. The fact that dealers are now in a position to sell their current stock at a slightly higher price than it would be worth when compared to the time when the models were new could also be a factor.

If we're looking at used vehicles, then clearly the market is more mature and there is more supply in the market which could also explain why you can now be buying a used vehicle at a price that is higher than new prices. The question remains, is this going to continue? Will price rises from new cars be followed by price falls in used cars?

Are used car sales slowing down UK?

When you sell a used car, there are two big concerns. One is ensuring you get the right price. The second is ensuring that you don't lose money by buying from someone who might be less scrupulous than you.

But over the last few years, the volume of used cars in the UK has been declining - and with it, the number of people looking to buy. So we've pulled together some data from one of our sister sites, Used Car Buyer, to see how the UK's used-car market has been changing.

The decline. In September 2023, the UK used-car market was a very different place to the one it is now. The value of used cars had reached its highest point in more than 15 years (as measured by what they could sell for in auction).

As we reported at the time, while it wasn't a bad time to be a used-car seller, the trend line was moving downwards. As you can see in the graph below, the number of used cars sold in 2023 and 2023 was higher than the number of cars sold in either 2023 or 2023, and in each case, the number was lower than the year before.

In fact, if you look at the chart, we can see that sales in the past three years have been lower than they were in the 10 years before. In short, we're talking about a market where sales are slowing down - and this is true across the board. The market is still very strong. So does this mean that the UK used-car market is becoming weaker? That depends on how you measure the strength of the market. Here's a way of looking at the situation: the amount of money paid for used cars in the UK (ie total volume) hasn't changed over the past four years, as you can see from the graph below. The price of used cars, on the other hand, has. When you look at the price of cars in auctions, as opposed to private sales, you can see that prices have been rising steadily over the past three years, and there is no sign of them stopping.

The most likely reason for this increase in price is that more people are buying cars that they want to keep for longer, so the market is becoming less competitive.

WMCW Admin

Reporting on news on topics such as used car industry prices, automobile recalls, site news and updates, opinion pieces about the used car market, and other appropriate automotive information.

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