Used car values may never return to pre-pandemic levels, on a count of the rapid acceleration of online and digital channels setting a new benchmark for vehicle values.
Philip Nothard, director of strategy and insight at Cox Automotive, warned that there is no tsunami of used stock on the horizon, and an increased focus on the detail will be required as the shape of the market evolves. Nothard also stated that it can’t be ignored that around 1.4m new vehicles have been lost from the market, which will never enter the used vehicle parc.
Writing in Cox Automotive’s AutoFocus Q4 magazine in December, Nothard said: “Back in July, we asserted that the used car market has never been more critical to the overall health of the automotive industry than it has been in 2021. The last few months have given more weight to this suggestion.