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With over 5,000 sellers on the Motorway platform, the agency in a terrific place to get below the bonnet of not simply what automotive sellers need, but in addition their predictions for the used automotive market in 2023.
James Bush, gross sales director at Motorway, has been speaking to sellers from Motorwell, Jim Walton, Drayton Motors Kia and Perrys Canterbury to get their views on how the trade will fare subsequent yr.
That is what he discovered…
What does 2023 maintain?
General, all of the sellers we spoke with had been optimistic about used automotive gross sales in 2023. Within the quick time period, all of them agree that while the manufacturing and supply of recent vehicles continues to stall, used automotive demand and costs ought to stay robust as motorists seek for good high quality vehicles to purchase.
David Wellman, the proprietor of Motorwell, thinks used automotive pricing will improve because of rates of interest on new vehicles. He mentioned: ‘Enterprise can be busy as we head into January, particularly for the cheaper inventory below 10k – largely money patrons.’
Wellman additionally acknowledged competition has been fierce this yr, considerably because of half change ‘drying up’, though Michael Latham, common supervisor of Perrys Canterbury thinks this may change in 2023.
He mentioned: ‘The 2023 used automotive market will certainly be impacted by the gradual restoration of recent automotive provide, however I don’t consider we are going to see any sharp decreases in values, extra so a return to the standard gradual depreciation of used vehicles.
Is the long run actually electrical?
Relating to stocking up on EVs for 2023, our sellers had been a combined bag. Whereas some sellers are investing in electrical and shopping for up as a lot inventory as they’ll, others are extra cautious because of pricing, infrastructure and demand.
When requested how EVs will match into their retail plans for subsequent yr, Stephen Walton, proprietor of Jim Walton mentioned, ‘I don’t assume it’ll change how I’m shopping for in the intervening time to be sincere.
‘I really feel that shifting ahead hybrid will all the time be in my plans however we don’t have the infrastructure for full electrical automobiles proper now.’
Regardless that Motorwell has lately seen a 40 per cent improve in enquiries for hybrids and EVs following the introduction of the Clear Air Zone (CAZ) in Bristol the place the corporate is situated, David Wellman can also be not satisfied about EVs.
He stays involved about EV pricing, the uncertainty round EV software program and that the vary of older EV fashions is simply not adequate.
Nevertheless, he agrees with Walton that hybrids stay a precedence. He mentioned, ‘We can be concentrating extra on older hybrids because of them being extra versatile for patrons and the pricing nonetheless being cheap.’
Nevertheless, with SMMT exhibiting robust outcomes for used EVs in Q3 this yr, they’re shortly changing into the most well liked ticket on the town – with prolonged wait occasions for brand new vehicles of as much as a yr, motorists have realised the used automotive market is the quickest, in addition to most reasonably priced, solution to change to electrical.
Nathan Sargeant, group purchaser of Drayton Motors Kia believes demand and subsequently gross sales of EVs will continue to grow in 2023 – they’re shopping for as many as they’ll get their fingers on.
Michael Latham at Perrys Canterbury agrees that used EVs have gotten extra fascinating however there could also be bumps within the street.
He mentioned: ‘EVs have gotten extra fascinating within the used automotive market, with the share ever-growing month on month however the Autumn assertion on VED will certainly have an effect on each the brand new and used EV markets.’
Nevertheless EVs will proceed to be part of their buying and retailing technique.
We’ve seen a rise within the variety of EVs offered on Motorway for the reason that begin of the yr, and bids per EV offered have elevated by 71 per cent in the identical interval, exhibiting supplier demand has stored up with the elevated quantity of EV inventory on the platform.
Regardless of the adjustments to street tax in 2025 and the necessity for larger infrastructure, as extra drivers make the leap to greener routes to driving, demand for used EVs is more likely to proceed to soar.
In case you are in search of inventory, whether or not its EVs, SUVs, hatchbacks or super-minis, Motorway has lots of of unique, privately-owned used automobiles to purchase day-after-day – sign up to Motorway here.
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