Long waits for new cars and used cars in high demand

Chris Knight, Automotive Partner at KPMG, said:

“Supply shortages continue to limit the number of available new cars, meaning that buyers often have a long wait to receive a new vehicle.  Despite this, order books are relatively robust, but rising inflation and household costs will put pressure on the appetite for new cars as the year goes on. 

“Used cars are in high demand, especially as lower-price new car models are in short supply as many car makers focus component availability into higher-margin models.  Used vehicle prices will not be immune to the cost of living impact though, and there is evidence that prices are beginning to soften.  The market will likely level off, however average values will remain higher than pre-pandemic levels across the board.”

ENDS.

Media contact:

Steven Reilly-Hii, Media Relations Manager, KPMG LLP,

E: steven.reilly-hii@kpmg.co.uk ,

T: 07510 376635.

About KPMG:

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 15,300 partners and staff.  The UK firm recorded a revenue of £2.43 billion in the year ended 30 September 2021.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.