Motorists more likely to buy used cars following price cuts

 

Almost half of motorists (46%) could be in the market for a used car following substantial recent price falls, according to new research.

When told that used car prices have fallen by an average of almost 20% in the last year, 21% said that it would make them a lot more likely to buy and 25% a little, shows March’s Startline Used Car Tracker.

Paul Burgess, CEO at Startline Motor Finance, said: “Used car prices started rising quite dramatically thanks to stock shortages and high demand following the pandemic, and largely peaked sometime in early-mid 2023.

“However, since then, better supply and lower levels of interest from consumers mean that prices have fallen quite rapidly. While they are still markedly higher than pre-Covid, they have dropped by an average of about a fifth in the last year.

“Many people have been persisting with the same car they have been driving for years, thinking they can’t afford to make a change, but now might be the moment when they find they can finally re-enter the market.”

However, almost half of motorists surveyed (48%) by Startline said they didn’t know used car prices had decreased and 7% believed they would have to fall much further before they considered buying a car.