The used car market in the UK has had an unprecedented few years. Prices rose for months on end before cooling towards the end of 2023. It has been quite a hard time for dealers to get stock because demand was so high. There were also a number of concerns about the quality with people trading in older cars that had suddenly shot up in value. However, new research shows there have been big improvements. We want to look at this today; it is something anyone involved in car broking should take note of.
Motor finance expert Startline compiles monthly data with their Used Car Tracker. It helps them to offer insurance and financing for clients. It also provides a great insight into crucial things like supplies and quality.
Their latest Tracker says that 33% of dealers said that the quality of used car stock was improving. This was up from 20% in December. It will be good news for anyone looking at buying a vehicle at the moment.
On top of this, the Tracker also found that there has been an improvement in the age of stock. In December 30% of dealers said it was older. However, this month it is down to 23%.
Another notable finding is that 48% of dealers said the supply of vehicles was improving. This was the highest it has been since October when it was 32%.
What does it mean?
Startline’s findings show that things are improving dramatically for the used car market. This will be beneficial for dealers, people who work in car broking, and buyers too.
The hope now will be that the situation continues to improve, especially in terms of the quality and age of vehicles. This will help more buyers secure reliable, good quality cars.
The age and condition of a vehicle is something every buyer should think about. They can give an idea of the value. It is a wise to be cautious with older vehicles, especially if you can see issues with the condition. However, don’t be put off by age if the vehicle looks good and has a detailed history.
Do you want to try car broking?
There are plenty of great ways to make money with used cars. One of the most interesting is as a car broker. As you read above, it has been a tricky period for dealers to find stock the last few years. The majority are still struggling with numbers. So, brokers can play a vital role in sourcing vehicles. When they do find a suitable model, they can get nice commission from the dealers.
You can learn to become a broker with Auto Car Brokers. We are a leading specialist, with experience in the UK and the US. As well as broking ourselves, we offer learning materials to help new people get involved. They are easy to understand and we have everything you need, including a handbook and forms pack.
So, if you want to start car broking, browse our website. You can also contact us if you have questions.