24 Jun, 2024

Advertisement feature: Out with the new, in with the used

Advertisement feature from Black Horse

Despite UK new car sales hitting a 30-year low in 2022, the used car market is gaining more and more momentum. At the end of 2023 alone, it grew 5.5% with almost 1.9 million units changing hands. And electric vehicles (EVs) are playing a major role, with sales soaring by 99.9% in Q3 of 2023, with a record 1.8% market share.

With more and more people turning to electric, and the government setting ambitious aims for all new cars to be zero emissions by 2035, it’s important dealers know the latest information to guide their customers through the transition.

Used cars are on the up

The growth of the used car market is a trend we’ve noticed at Black Horse too. In December 2023, 6.1% of our used car business focused on EVs. Throughout 2023 this increase was evident month-on-month, rising fourfold by the end of the year. This indicates a robust surge in supply as the new car market recovers.1

PHEV and HEV markets are also experiencing growth

Not only did battery electric vehicles increase their percentage market share of the used vehicles market in 2023, plug-in hybrids and hybrids also increased their

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Used car prices tumble again in December – but will begin to stabilize in 2024 – Car Dealer Magazine

Used car prices in 2024 are likely to begin to stabilize after the dramatic drops seen in the last three months.

Revealing a 2.1% fall in trade used car prices for December, Cap HPI director of valuations Derren Martin gave Car Dealer his predictions for the year ahead.

The December fall means trade used car prices have now dropped 10.5% in the last quarter of 2023.

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Speaking to Car Dealer in an exclusive video interview (above), Martin said the December figures were among the worst on record, but were still a significant improvement on the previous two months.

Martin said: ‘We had a 2.2% drop in 2014 and December tends to be a month where values ​​do drop, but not by this much.

‘So it’s still a reasonable drop, but I’m looking at it more on the positive that it’s been less than it has been over the last two months.

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‘We are seeing this as a stabilization and we do think there’s going to be, now, a gradual improvement – ​​values ​​now look more reasonable.

‘They’re still above where they were prior to those 2021 increases, on average, by about 13%.’

December’s trade values ​​have been boosted by the

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Pakistan Amends Import Policy, Relaxes Restrictions On Import Of Used Cars

ISLAMABAD: The Ministry of Commerce on Thursday amended the Import Policy 2022 to relax the restrictions imposed on the import of used and unregistered cars.

According to detail, the government has allowed the import of used cars having a mileage of 2,000 kilometers against the previous policy that only allowed the import of cars having up to 500 kilometers of mileage.

According to the new and amended import policy, those cars having mileage up to 2,000 kilometers could also be considered as “new”, and could be imported.

It is pertinent to know that imports have a significant impact on the country’s economy as the payments are mostly made in dollars which in turn affects the country’s forex reserves.

Previous governments, including the caretaker setup as well as the Pakistan Muslim League-Nawaz (PML-N)-led Pakistan Democratic Movement (PDM) coalition government had, in fact, imposed severe curbs on the import of cars in their bid to preserve the depleting forex reserves.

Earlier, last month, the State Bank of Pakistan (SBP) announced relaxing the regulations for advance payments of imports allowing the authorized dealers to make full payments in advance without prior approval.

Effects of Import Policy on Cars

According to media reports car

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Stability’s back for used cars, says Vertu Motors, but new car retail looks uncertain

OEMs and franchised dealers face a daunting task to deliver sales mix and volume expectations in the new car market as many private buyers find young used cars much more attractive thanks to recent price drops, according to Vertu Motors, one of the biggest motor retailers in the AM100.

Its latest trading statement notes that after falling used car prices have stabilized, Vertu has actively worked to increase the turnover of used vehicle stock and reduce overall inventory levels. As a result, there has been an improvement in gross profit per unit from used vehicle sales in recent weeks.

Manufacturers selling new vehicles in the UK face challenges in managing the mix of internal combustion engines (ICE) and battery electric vehicles (BEV) due to ambitions to reduce emissions. This may lead to disruptions in supply and pricing as manufacturers strive to comply with regulations.

High prices of new vehicles, especially electric ones, have dampened retail demand, leading some customers to opt for used vehicles, which now offer more attractive prices after the market correction, it said.

Vertu said it is currently focused on navigating through this period of market adjustment, considering factors such as high interest rates and industry trends,

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Restrictions on import of used cars relaxed

Restrictions on import of used cars relaxed

Restrictions on import of used cars relaxed

ISLAMABAD: The Ministry of Commerce made revisions to the Import Policy 2022 on Thursday, easing restrictions on the import of used and unregistered vehicles.

According to the updated policy, the government now permits the importation of used cars with a mileage of up to 2,000 kilometers, contrasting with the previous regulation which restricted imports to vehicles with a maximum mileage of 500 kilometers.

Under the revised import policy, vehicles with mileage not exceeding 2,000 kilometers will be classified as “new,” as outlined in the ministry’s notification.

It’s noteworthy that imports significantly impact the country’s economy, primarily because payments are predominantly made in foreign currency, affecting foreign exchange reserves.

Previous administrations, including caretaker setups and the Pakistan Muslim League-Nawaz (PML-N)-led Pakistan Democratic Movement (PDM) coalition government, had imposed stringent restrictions on car imports to safeguard dwindling foreign exchange reserves.

In February of this year, the State Bank of Pakistan (SBP) relaxed regulations concerning advance payments for imports, permitting authorized dealers to make full advance payments without prior approval.

Earlier reports from The News, citing data from the Pakistan Automotive Manufacturers Association (PAMA), indicated a 30% increase in car sales in January compared to the

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Four used car brands you can sell for a profit are revealed by motors dealers – and they’re all from the same country

FOUR used car brands that sell for a profit have been revealed by a motors dealer – and they’re all from the same country.

Kenny Martin owns Competition Cars and Classics in Salem, Virginia.

Kenny Martin says Japanese-made Honda, Toyota, Mazda and Subaru's should be at the top of any car flipper's list

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Kenny Martin says Japanese-made Honda, Toyota, Mazda and Subaru’s should be at the top of any car flipper’s list
Cars like the Subaru Forester, a Japanese car, should be at the top of any car flipper's list

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Cars like the Subaru Forester, a Japanese car, should be at the top of any car flipper’s listCredit: Getty

The petrol head says Japanese-made Honda, Toyota, Mazda and Subaru’s should be at the top of any car flipper’s list.

Sharing his top tips on TikTok, he explained: “The reason that I sell so many of those cars and buy so many of them is because frankly, I don’t have to spend much money on them.

“I don’t mind if they have a lot of miles.”

He said he’s got a 2012 Honda Civic with 257,000 miles on the clock.

But despite the monstrous mileage, he has no doubt it could still take him “coast to coast” and would be snapped up by the next person.

He also offered some personal thoughts on the car makes.

If you’re after reliability, Kenny reckoned motorists should snap

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Good News for Car Shoppers: Vehicle Prices Are Dropping

The AutoTrader Price Index is showing a drop in car prices, signifying the first time new car prices have declined month-over-month since February 2021, while used car prices continue to decline as well.

In December 2023, the average price of a new vehicle stood at $67,259. That’s up a substantial 14.2 per cent from the same month a year before, but the figure has been slowly and steadily falling. Prices were down 0.4 per cent in October, 0.1 in November, and 0.3 per cent in December after reaching record highs in September.

Find a Great Deal on Your Next Car

The slow price decline is a result of a new-car market still trying to catch up with pent-up demand from 2020 to 2022, said Baris Akyurek, AutoTrader VP of Insights & Intelligence. AutoTrader estimates that 1.3 million fewer new vehicles were sold during that period. But, Akyurek said, new car inventory levels are now trending upward. This is resulting in softened pricing for new and used models.

“There are a lot of great deals to be had in the market,” he said in his report.

Used vehicle pricing reached an average of $36,863. That’s up 1.7 per cent from December

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Used-car prices plummet amid cost-of-living crunch

Australians are enjoying lower prices for used cars as a growing number of families turn to the second-hand market amid cost-of-living pressures.

Figures published by AutoGrab and the Australian Automotive Dealer Association (AADA) show more than two million used cars were sold nationwide in 2023, up a huge 34.4 per cent.

Prices also fell from peaks seen last March when used cars retained 75.8 per cent of their original value, reaching a low of 67 per cent (an 11.6 per cent decline) by the end of 2023.

The shift is a big turnaround from the pandemic years when used-car prices soared amid a series of global supply chain bottlenecks that limited the number of new vehicles available.

Those bottlenecks have now been resolved, and the influx of new vehicles has had a marked effect on the second-hand market, particularly as population growth picked up post-COVID-19.

AutoGrab chief operations officer Henry Pedersen said it’s been a “turbulent” year for used-car sales, with prices falling despite an increase in demand.

“There was a really long period there since mid-2020 where there was a shortage of new cars,” Pedersen said.

“That’s coming out of the market, which has immediately dropped prices. That’s a

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Kwid, Baleno, i10 top used car choices for women in March: Report

  • According to a used car sales report shared by pre-owned vehicle platform Spinny, women bought nearly half of all the models sold in March.
Kwid Baleno i10
Hatchbacks like Hyundai i10, Maruti Baleno and Renault Kwid remain a strong favorite among women buyers in India in the used car segment, according to a report by India’s pre-owned vehicle platform Spinny.

The used car segment in India continues to be dominated by SUVs and hatchbacks. Spinny, one of India’s pre-owned vehicle platforms, has released a report which shows how hatchbacks are more popular among women buyers. The report says that nearly 46 per cent of overall used car buyers in India in March were women. Most of these used car buyers are from urban centers like Delhi, Mumbai and Bengaluru.

According to the report shared by Spinny, hatchbacks like Renault Kwid, Maruti Suzuki Baleno and Hyundai Grand i10 Nios were among the top choices for women buyers in March. The report says that these models were particularly popular among buyers aged between 30 and 40 years.

The report also said that Delhi tops the list of cities with most women buyers in

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