Used car prices have fallen by a total of 5.7% over six consecutive months in 2022,accoridng to research from Indicata.
Bit it added that prices are generally still 25% higher than they were prior to the beginning of the global pandemic.
UK used car stock levels fell again in June by 4.3%, but stock is now 5.7% higher than in June 2021 as retail demand slows down.
The UK and Denmark are the only two countries in Europe where stock levels are higher than 12 months ago while the other 11 countries in the INDICATA report, are reporting stock levels down year-on-year by up to 38%.
“The UK was the first European market to see used prices go through the roof and now that retail confidence is falling, we are the first nation to see used prices fall.
“However, used car prices are still around 25% higher than they were at the start of the pandemic,” said Jon Mitchell, Indicata UK’s group sales director
“Sales are slowing down rather than crashing and they are likely to remain subdued until after the summer holidays.
“If consumers rush to buy used cars again after the summer and dealers are short of stock then the market will quickly rebound,” he added.
The Kia Niro is currently the UK’s fastest selling used car according to INDICATA’s latest Market Watch insights report closely followed by the Hyundai IONIQ.
It’s the first time it has topped INDICATA’s fastest-selling table and reinforces the speed at which used car buyers are embracing battery electric vehicles.
These trends are mirrored on the continent with Tesla’s Model Y and Model 3 currently Europe’s fastest-selling used cars followed by the Kia Niro.