New data from carwow suggests rising inflation, the cost of living crisis and new car delivery delays could all be reasons why motorists are embracing the used car market in ever greater numbers. carwow’s data shows a 113% increase in the number of consumers who place a formal enquiry for a used car after initially searching on the platform for a new car.
Cars costing more than £50k+ have seen the biggest increase in interest with enquiries for used cars costing £55-60k up 53% and models in the £70k price bucket up 20%. This suggests lead times could be impacting search, with motorists who were prepared to pay for a brand new car potentially switching to searching for used models out of availability, rather than cost.
Marshall Motor Holdings Plc (LON:MMH), together with its subsidiaries, engages in retailing passenger cars and commercial vehicles in the United Kingdom. It sells new and used vehicles; and provides after sales services, such as servicing, body shop repairs, and parts sales.