Used car price growth cooling amidst cost of living squeeze

Responding to SMMT Q2 2022 used car data:

Chris Knight, UK Automotive Partner, KPMG, said:

“With the rate of new cars entering the market significantly down on previous periods as manufacturers grapple to solve supply issues, consumers are holding onto their vehicles for longer resulting in fewer used car transactions.  Prices remain significantly higher than pre-pandemic as consumers are willing to pay a premium to avoid having to wait. There is however evidence that price growth is cooling amidst a cost of living squeeze, and a rise in the cost of driving. 

“Consumer demand for used cars may well drop in the coming months, but the supply landscape is such that it’s unlikely that we see major price corrections in the near term”

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.