""The used car market has enjoyed its strongest start to a year since before the pandemic, with supply fuelled by a recovering new car market.""
""Affordability remains a powerful driver, and electric vehicles are increasingly at the heart of this trend.""
The UK used car market is experiencing significant growth as it enters 2025, with Q1 sales boosting as economic conditions improve. Inflation has dropped to 2.6%, allowing the Bank of England to cut base rates, enhancing consumer confidence. The affordability of nearly-new cars, particularly electric vehicles (EVs), is driving this trend, as used EV prices declined by 10% year-on-year in Q1. There is increased variety in the second-hand market, yet potential global developments, such as US tariffs, could affect supply chains and prices in the long term.
Read at London Business News | Londonlovesbusiness.com
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