The majority of dealers are continuing to only buy higher value used cars to order rather than for stock, according to Aston Barclay.
Eight out of the ten used cars in Aston Barclay’s March desirability index are higher value premium used cars with dealers protecting their cashflow by only bidding on these cars to fulfil sold orders.
The provider of auction and remarketing said, not surprisingly, when these used cars go under the hammer there is competition between buyers to secure a car for their customer which generally sees it selling for beyond market value.
The Mercedes GLE, BMW 4 Series and BMW X5 are the three most desirable used cars currently going under the hammer at Aston Barclay, which typically cost between £30-80k depending on age and mileage. The Range Rover and Audi Q7 also appear in the top 10 while the only lower-value cars in the current index are the Vauxhall Astra and VW Up.
Mark Hankey, chief revenue officer for Aston Barclay, said: “Since the fall in consumer confidence and rising inflation began in Q4 2022 together with inflated used car prices dealers have been more cautious about what used cars they stock to protect their cashflow.
“We expect this trend to continue until such time as the economy improves and dealer confidence returns to stock the bigger ticket vehicles,” he added.