The used car market has experienced dramatic changes over the past few years, creating both challenges and opportunities for sellers. For those looking to sell a quality car, understanding the current market dynamics is key. Here’s what you need to know and why now is a strategic time to consider selling your car.
A Market in Transition
For many people, their car represents one of their most significant assets. Staying informed about market trends can help maximize its value when it’s time to sell.
At getWorth, years of data collection and advanced pricing algorithms provide valuable insights into these shifts, enabling informed decisions for both buyers and sellers.
Daniel King, getWorth’s Acquisitions Manager, reflects on the evolution of the market. “Traditionally, cars depreciate as they age. However, the Covid-19 pandemic disrupted this norm. During the pandemic, supply chain issues severely limited the production of new cars, pushing buyers toward the used car market. Simultaneously, low interest rates made financing more attractive, driving demand even higher. The result? A rare surge in used car prices, captured in detail by getWorth’s data.”
The Challenges of 2023
King elaborates, “By 2023, the market began to correct itself. New car supply recovered, but rising interest rates, high fuel prices, and economic instability created new hurdles. Dealers were left with high-priced stock, and consumers were hesitant to buy, particularly in the luxury segment. Affordable cars remained in demand, but the overall market faced significant pressure.”
GetWorth has produced a graph showing the like-for-like price trends for different price bands between 2019 – 2024. The analysis of the price trends reflects the picture described above.
In addition, a second graph showing the like-for-like price trends for different price bands for 2024 only, shows an even further drop in used car pricing.
Refer to the graphs: Market Price Trends GW Overview & Market Price Trends GW 2024
Looking Ahead
As we move into 2025, stability is returning. Interest rates decreased towards the end of 2024, and consumers are adapting to higher costs.
King explains: “We believe the used car market is opening up favourably, making it an excellent time to buy and sell. With the costs of new vehicles rising, more buyers are turning to quality used cars as a cost-effective alternative. This shift in demand creates an advantageous position for sellers looking to secure competitive offers for their used cars.”
“getWorth is committed to providing transparent, data-driven valuations to ensure consumers get the best value for their vehicles in these market conditions.” King adds.
