Members of the National Association of Motor Auctions (NAMA) are reporting a stable market for used cars as it moves into the final quarter of 2022.
The body, which sells 95% of all cars in the wholesale sector, said demand in the wholesale sector had fallen slightly but in line with expectation.
“As a whole, however, there are enough buyers out there interested in buying stock”, said Paul Hill National Association of Motor Auctions (NAMA) spokesman, after a meeting was held this week with key industry figureheads to discuss current industry issues.
Over the last four weeks of trading the retail market has reported fall in demand from consumers, in comparison to the previous four, which is expected from retailers. The well documented issues relating to supply, driving the value of used car values up, has maintained this level and appears to be steady. Demand for diesel is still reducing, whilst petrol and BEV remain as the markets focal point.
The commercial vehicle market remains robust, and demand is strong, reflecting the seasonality of the market share.
NAMA Members highlighted how independent buyers continue to target good condition and high-quality LCVs. Overall, values are expected to fall over the coming months, but nothing to be concerned about.