Auto Trader reports growing car sales despite ‘financial pressure’ on customers
The growth across both the new and used car markets comes despite another year of high interest rates and weak consumer confidence in the UK.
Car selling platform Auto Trader has said the UK’s automotive market is in “good health” with growing new and used car sales, defying another year of high interest rates and weak consumer confidence.
Auto Trader said the UK’s new car market grew 3% over the last 12 months, mainly driven by more sales for company “fleet” vehicles, but standard retail sales fell 4% year-on-year.
Meanwhile, the company said it saw “strong levels of demand for used cars”, with 4% more sales this year than last, though supply remains below pre-pandemic levels.
It said used car pricing has been “stable” over the last 12 months after declines in the previous financial year.
