New data from carwow suggests rising inflation, the cost of living crisis and new car delivery delays could all be reasons why motorists are embracing the used car market in ever greater numbers. carwow’s data shows a 113% increase in the number of consumers who place a formal enquiry for a used car after initially searching on the platform for a new car.
Cars costing more than £50k+ have seen the biggest increase in interest with enquiries for used cars costing £55-60k up 53% and models in the £70k price bucket up 20%. This suggests lead times could be impacting search, with motorists who were prepared to pay for a brand new car potentially switching to searching for used models out of availability, rather than cost.
However, despite seeing the biggest rise in search, used cars costing £55-60k still only account for 1% of all enquiries. Used models costing between £20-25k are currently the most popular price bracket, accounting for 23% of all enquiries, up from 20% at the end of 2021 - a rise of 9% And overall, 53% of used car enquiries are for vehicles costing less than £25k, suggesting the cost of living crisis and the impact it is having on family budgets could also be a factor in the rise in used car enquiries.
James Hind, CEO at carwow, said: “Our statistics reveal how both the lack of new cars and the rising cost of living is impacting consumer choice. We’re seeing a surge in prospects becoming more open-minded about purchasing used vehicles rather than new, with enquiries for cars within the higher value price buckets seeing significant rises this year.
“But we are also seeing a steady rise in the lower priced used cars, which suggests affordability is also a major factor in choice.
“With inflation continuing to rise, and the lack of supply of new cars not expected to improve in the near future, the used market is becoming hugely important for motorists wanting - or needing - to change their vehicle.”
