If you’re in the market for a used car, or you’re thinking about selling yours, there’s never been a better time. With most of us forced to park up for the duration of the nationwide lockdown in recent months, more people than ever are keen to get back into the driver’s seat, prompting a surge in demand for used and salvage cars - not least from our own online car auctions here at RAW2K.
Used cars are top priorities for dealers right now too, as well as other industry professionals looking to replenish their own stock so they can meet public demand. Here, we examine what’s happening in the market in a little more detail!
Why do so many people want used cars?
The current uncertainty around public transport is a fairly pivotal factor in the the surge in demand for second hand and used cars. Now more than ever, the general public is extremely wary of close proximity to each other on trains, trams and buses, and so more people are looking to get a cheap deal on a second hand car to get themselves around for the time being. The Express reports that cars under £5000 have seen a 101.8% rise in sales in recent weeks, effectively more than double their previous rate.
This is consistent with the results of a recent eBay survey, which noted that three-quarters of prospective car buyers said they hoped to purchase a car within three months of lockdown ending. What’s more, 17% of them planned to do so immediately after the restrictions were eased. We’re now a little way down the line from that, as restrictions have been gradually lifting for several weeks now - and so far it seems motorists are definitely committed to those decisions!
UK dealerships comprise another demographic which has been snapping up used and salvage cars from online car auctions like ours, as they gear themselves up to meet the expected rush in demand. Most dealers are bulk buying cars under £10,000 and below, in order to avoid any empty spaces in their forecourts, and industry figures have publicly reaffirmed their commitment to ‘helping consumers get back on the road’.
A quick look at the current overall state of the used car market
The used car market is currently surprisingly resilient, despite the pandemic. Prices of used cars remained broadly stable during the lockdown, largely because the market was essentially simply put on hold. Many car dealerships have been officially open since the 1st of June, and by the 16th of June the used car market in England had bounced back to its pre-lockdown state. (In fact, in the first 10 days of the month, sales were actually up by 3.4% compared with the same period in 2019.) Audi appears to currently be one of the favourite manufacturers amongst consumers, alongside Mercedes and BMW.
What’s more, just as with many other global industries, it looks like buyers are increasingly preferring to use online auctions and websites to find the best deals on new cars. FleetNews has already reported a surge in online sales as more buyers start enjoying the benefits of buying through a digital platform, and it’s an impression that’s matching closely up to our own recent experience here at RAW2K!
We’ve made sure it’s as easy as possible to sell your car with us - we just need a few quick details to get started! Or if you’re a buyer looking to get yourself a bargain on a used, seized or salvage car, we’ve got no shortage of choice amongst our online car auctions. As well as models by manufacturers like Mercedes and Audi, we’ve also got a great range of used cars from makers like Nissan, Peugeot and Renault. Why not take a look around, and see what you can find?
