The new car market is currently having huge issues with material shortages and shipping delays due to the covid-19 pandemic. Manufacturers worldwide are struggling to keep up with buyer demands for new cars. So how is the affecting used car sales?
Used car sales have never been more competitive! The market is under extreme pressure due to a lack of new cars and delays in new car production.
This has caused car buyers to look to the used car market for their next car. Even if it's only a year old people do not have the patience to wait for a new car currently.
At worst, some manufacturers are saying that they have backorders that could possibly even go into next year!
With so many more customers searching ‘used car for sale’, dealerships across the UK are competing for used car stock. We have even been hearing from some of our partnered dealerships that they are even resorting to buying off other dealers to replenish their stock.
Many car dealerships have also been heavily advertising to consumers that they will buy their cars. Part-exchanging or selling your car to a dealer is more beneficial now than it has been in recent years.
Private selling has often been the best option as you can get more money for selling your car. However, you might be able to get just as much from dealers now as used car prices have gone up in recent months.
All in all, this has made it both the best and worst time to be in the market depending on who you are. If you’re a dealer it's a bit of both, you are making more money from your used cars from increased prices due to demand, but, you may also be struggling for stock.
As a customer, it's a great time to sell! It may also be a little more expensive than the market average for some used cars, but, you could buy a nearly new car and get a great quality car instead of having to wait months or more for a brand new car to be built.