The UK used car market is experiencing significant growth as it enters 2025, with Q1 sales boosting as economic conditions improve. Inflation has dropped to 2.6%, allowing the Bank of England to cut base rates, enhancing consumer confidence. The affordability of nearly-new cars, particularly electric vehicles (EVs), is driving this trend, as used EV prices declined by 10% year-on-year in Q1. There is increased variety in the second-hand market, yet potential global developments, such as US tariffs, could affect supply chains and prices in the long term.
"The used car market has enjoyed its strongest start to a year since before the pandemic, with supply fuelled by a recovering new car market."
"Affordability remains a powerful driver, and electric vehicles are increasingly at the heart of this trend."
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