Used car price growth cools amid cost of living
Answer to SMMT Q2 2022 used car data:
Chris Knight, UK Automotive Partner, KPMG, said:
“With the rate of new cars entering the market significantly down from previous periods as manufacturers work to resolve supply issues, consumers are holding on to their vehicles longer, reducing the number of transactions by used cars. Prices remain significantly higher than before the pandemic as consumers are willing to pay extra to avoid having to wait. However, there is evidence that price growth is slowing amid a squeeze cost of living and increased cost of driving.
“Consumer demand for used cars may well fall in the coming months, but the supply landscape is such that we are unlikely to see any major price corrections in the short term”
Steven Reilly-Hii, Head of Media Relations, KPMG LLP, E: [email protected], T: 07510 376635.
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