More women have headed online to buy cars in recent months than ever before through internet car supermarket BuyaCar.co.uk, accounting for half of all sales for the first time ever. And deeper analysis shows that women remain significantly more decisive than men, measured by how likely they are to go ahead with an online car purchase.
Mycarcheck.com’s valuation experts have revealed significant trends in the UK used vehicle market, choosing a car and bike of the month.
Giles Rayner of Nissan has been confirmed as the final speaker in the line-up for the Vehicle Remarketing Association’s free-to-attend Annual Seminar, taking place next week (23 November). The national used vehicle remarketing manager will be looking at alternative fuel vehicles and their likely place in the remarketing mix over the coming year and into the future.
After hitting record peaks in 2016 and early 2017, the UK’s new car market saw a significant decline in May. New passenger car registrations declined 8.5 per cent, with a total of 186,265 units. In 2017 overall, the market is 0.6 per cent lower than last year, with more than 1.1 million cars registered between January and May. Alternative fuel vehicles (AFVs) continued their impressive 2017 growth in May, 46.7 per cent higher than in 2016, with a total of 8,258 AFVs registered making 47,936 so far this year. The National Franchised Dealers Association (NFDA) argued that the general election’s short-term impact on consumer confidence has been the key factor, and that medium term prospects remain good for another record-setting year. However KPMG analysts were more taciturn, suggesting car manufacturers have turned their attentions to Europe and expecting a steady decline in 2017.
New car registration figures published by the European Automobile Manufacturers’ Association (ACEA) show that a total of 1,191,034 units were registered in the EU in April 2017, 6.6 per cent less than the year before. Most major markets saw a decrease: the UK’s market dropped by 19.8 per cent, followed by Germany (-8.0 per cent), France (-6.0 per cent), and Italy (-4.6 per cent). Among the largest markets only Spain grew by 1.1 per cent.
A survey of 1,289 mycarcheck.com customers has revealed a significant shift in where people buy used cars. 27 per cent of those surveyed in February said they preferred to go to a main dealer or car supermarket, up from 13 per cent of those asked the same question a year ago. The trade has taken this market share from private sellers, down to 35 per cent from 48 per cent the previous year, with independent retailers unchanged on 33 per cent.
New vehicles registered for the first time with the Driver and Vehicle Licensing Agency (DVLA) from 1 April 2017 will pay new first year licence rates based on carbon dioxide (CO2) emissions bands which are different from the ones currently in use. In some cases, these fees will almost double.
The UK new car market will fall by around 3.5 per cent next year to around 2.6 million cars, predicts Glass’s. However, while the figure looks disappointing in isolation, the vehicle data provider points out that this will still be higher than any year in the last decade except 2016.
The falling value of the pound is likely to see monthly PCP new car payments rise in 2017, predicts Glass’s. The vehicle data specialist says that manufacturers importing their vehicles into the UK will need to recoup margins somewhere and that PCP payments are the least unpalatable choice.
Analysing the car market following the introduction of the 66 plate, head of valuation services at My Car Check, Gavin Amos says that the used car market has improved, while 4×4 sales remains strong. “The used market picked up throughout September with many dealers and traders reporting strong enquiry levels. For main agents, attention has […]
A split between “two tribes” of trade buyers – those who buy almost entirely online and others who remain motor auction-based – is becoming increasingly apparent, says Glass’s. The motor industry data market leader reports that there has been a noticeable hardening in the shape and attitude of both groups over the last year or so.
Growth in the number and variety of finance packages available to private buyers is set to power the new and used car markets in 2016, predicts Glass’s. In the new car sector, which will see growth in registrations of around 3 per cent, further finance packages will need to stimulate consumer interest and provide new avenues to affordability.
The traditional winter surge in values for 4x4s has failed to materialise again this year and may no longer be a feature of the market, reports Glass’s. The last few relatively mild winters has meant that there has been no spike in retail demand, explained Rupert Pontin, head of valuations.
New data from BCA, Europe’s largest used car marketplace, highlights the increasing financial pressure on the youngest motorists on UK roads. Price has always been critical to the youngest used car buyers. But research commissioned for the BCA Used Car Market Report shows that this has increased considerably in the last year. In 2015, 65 per cent of 17-24 year old used car buyers said that price had the strongest influence on their vehicle search – this was the highest percentage in five years and a 14 percentage point rise on the previous year.
According to Glass’s, publishers of the motor trade bible Guide, a falsely buoyant picture is likely to be painted by September’s new plate change – despite the probability that it will show the 42nd consecutive monthly increase in new car registrations. Glass’s add that the situation is being complicated by record levels of pre-registrations and there are some worrying factors about to come into play.
