Used car market

IT’S good news for the UK motoring industry as the results for UK used car transactions for the fourth quarter of 2022 have now been released.

“Against an uncertain economic and political backdrop, the used car market remains in good health,” confirmed Ian Plummer, Commercial Director at Auto Trader.

“The ongoing dearth in supply caused a softening on 2021’s exceptional performance, but the market closed 2022 in a strong position, and critically, carried some great momentum with it into the new year.”

Ian added: “January 2023 saw a record 80 million visits to our marketplace ­ nearly 10 million more than a year ago ­ and according to our data, a circa 8 per cent year ­ onyear increase in used car sales across the market.

“2022’s EV boom is however at risk as our data shows demand for used electric vehicles has been dampened by high energy prices in the last few months. A surge in supply over the last year has resulted in five consecutive months of decline in used EV values.”