INDICATA Market Watch insights’ latest report reveals that the UK is the only market in Europe where used car prices are falling.

According to the report, used car prices have been falling for six consecutive months and last month they registered a 2.6% decline.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

In contrast, prices in other 11 European countries in INDICATA’s report rose between 4.2% (Sweden) and 11.6% (Austria).

Since January 2022, used car prices in the UK have fallen by a total of 7.2%. In June, sales fell by 13.3% due to reduced economic confidence.

“People seem to be looking more at the cost of living,” St Leonards Motors director Jason Barlow was quoted by Bloomberg as saying. “They are making that conscious decision of ‘do we really need a car anymore?” he added.

According to Barlow, customers buying a used car are looking for lower-priced models, for which the demand had been resilient.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Meanwhile, the popularity of used EVs continued to rise. In June EV sales were 23% higher than in May.

Although the volume of used EVs is still low the increased demand indicates an increased acceptance of used EV cars by retail drivers.

INDICATA UK group sales director Jon Mitchell said: “The market continues to correct itself in 2022, but with stocks low and demand still consistent we do not predict a market crash.

“With new car supply challenges likely to continue now until 2024 we believe prices will settle down over the summer and may rise again in the autumn when used car demand looks set to improve.”