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”

ENDS.

Media contact:

Steven Reilly-Hii, Head of Media Relations, KPMG LLP, E: [email protected], T: 07510 376635.

About KPMG:

KPMG LLP, a UK limited liability company, operates from 22 offices across the UK with around 15,300 partners and staff. The British company recorded sales of £2.43 billion in the financial year ending September 30, 2021.

KPMG is a global organization of independent professional services firms providing audit, legal, tax and advisory services. It operates in 145 countries and territories with more than 236,000 associates and employees working in member companies around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is an English private company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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