Used car prices grow in March as demand increases

Auto Car Brokers is a unique business that teaches people how to enter the car broking industry. To do so, we supply our Car Broker Package. It is based on our own success. With it, you will learn everything you have to know about beginning and running your own business. It could be incredibly rewarding for you.

Auto Trader’s latest report

Car brokerUsed car prices increased in March by 2% year-on-year as consumer demand grew too on Auto Trader. The month-on-month price saw an increase as well, up 0.2%. This was compared to February’s 1.3% growth.

If you divide cars by fuel type, petrol vehicles had the biggest increase. They went up 3.7% year-on-year to £16,608. As for diesel vehicles, prices were up 2.4% to £16,414. In the meantime, electric vehicle costs were down by 14.6% to £32,703.

Of the ten cars that had price falls in February, seven of these were electric models. The Tesla Model 3 had the biggest price decrease to an average of £33,472. This was down 22.4% year-on-year and 2.6% month-on-month.

Cars aged ten to fifteen years increased in price the most overall. They were up 8.6% to £6,251 year-on-year. It was the Peugeot Partner Tepee that had the biggest rise in average asking price. This went up by 17.3% year-on-year to £10,184. Following this was the Fiat Panda, which went up 15.7% to £6,081. There was also the Hyundai i10 that went up 15.7% to £8,405 and the Hyundai ix20.

Where has the price increase come from?

This price increase is a direct consequence of the persisting second hand car supply problems. They are down 11% in March year-on-year. Also, there is the increase in consumer demand, which is up 12% year-on-year. Auto Trader said that there have been almost 238 million cross platform visits to its marketplace in three months. What this equates to is 31 visits each second by UK consumers. The situation creates lots of opportunities for a car broker.

Although, the used car advertising establishment said that by pricing their stock underneath true market value, they missed £25.5m of profit in total. This equals £3,300 on average per forecourt within the UK.

Auto Trader’s director of data and insight also made a statement. He said that considering the stream of negative headlines, for a lot of people, 2023’s outlook didn’t look so great. However, against a backdrop of economic and political uncertainty, used car costs and the market more broadly has gotten stronger in Q1. It is extremely encouraging to begin the year like this and such strong market signs add to a more positive outlook for what lies ahead. Whereas other sections of the economy are subdued, the car industry is showing its resilience again.

We will prepare you for a career as a car broker

At Auto Car Brokers, we make certain every customer is ready for this industry. It is something that is possible thanks to our Business Package. What we offer here is a comprehensive suite of modules that have all the information to help you establish your own business.

The best part about our offerings is that you can pace yourself. You have the option to buy what you need at the moment and add the other modules later. Or you can buy the full package and save.

So, if becoming a car broker is something you want to do, let us know. You can also find out more on our website.