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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…
Used Cars
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.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:…
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…
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…
Restrictions on import of used cars relaxed
Restrictions on import of used cars relaxedISLAMABAD: 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…
Used Car Prices Drop Faster Than Expected, Now 21% Below 2021 Peak
However, they’re still around 33 percent higher than they were before the pandemic at the end of 2019January 14, 2024 at 16:04
The wholesale value of secondhand vehicles was down 7.0 percent at the end of 2023, which was a sharper decline than analysts predicted. That means that used vehicle prices are down nearly 21 percent, as compared to their pandemic peak in December 2021.
The final two weeks of 2023, in particular, saw above-average declines in the three-year-old used vehicle market, and over the course of December, average prices dropped by 1.4 percent. By comparison, before the pandemic…
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.2
Kenny Martin says Japanese-made Honda, Toyota, Mazda and Subaru’s should be at the top of any car flipper’s list2
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,…
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…