It seems 2024 will be the year of 'peak petrol' when it comes to how UK cars are powered, more than 160 delegates heard at the annual seminar of the Vehicle Remarketing Association. Louis Maxwell, senior insight manager at Auto Trader, told the audience at The Slate, Warwick University, that growth in sales of electric vehicles (EVs) meant that volumes of petrol cars would soon start to fall. He … [Read more...]
Difficult 12 months coming for used models
The remarketing sector will face “many headwinds” next year but a wide range of opportunities remain, the Vehicle Remarketing Association’s annual seminar was told. The event, which took place at The Slate, Warwick University, was attended by almost 200 delegates and looked at the subject of “2024: The Year Ahead in Remarketing.” Philip Nothard, chair at the VRA, said, “Speakers at the event … [Read more...]
Financial squeeze is cutting used car choice
The financial squeeze is starting to hurt car buyers. AA Finance said motorists are borrowing 5% less for used car purchases this year as the cost-of-living crisis bites. This time last year, the average loan would be enough to buy seven of the 10 most popular used cars but only four would be affordable after price rises were taken into account this year. The average amount financed last year … [Read more...]
Newslines 2 May
Aston Martin Works is announcing the availability for the first time in decades of new major components, including gearboxes and engine blocks, for some of the brand’s most iconic sports cars. Working with trusted suppliers the team at the heritage home of the world-renowned British car maker has developed entirely new engine blocks, cylinder heads, gearboxes and other major components – all … [Read more...]
Dealers putting brakes on buying EVs
Dealer margins are being squeezed as despite strong demand it is proving difficult to push retail prices up, according tp CAP HPI. This is due to consumers cost-of-living concerns and high used car prices from increases since the start of COVID, and especially in 2021 when values increased by c.30% on average. Plus there is strong competition from other physical and online retailers. When you … [Read more...]
Covid-19 has failed to contain car auctions
UK motor auctions have told the National Association of Motor Auctions it is ‘business as usual’ despite the four-week lockdown in England and the additional restrictions across the country. NAMA has recently held a member meeting where auctioneers discussed the challenges facing their businesses due to COVID-19 and analysed the current and future state of the market. The majority of businesses … [Read more...]
Newslines 1 July
The British Motor Museum will reopen on Saturday 4 July. As part of a phased reopening plan the Gaydon Museum will be open from Saturday 4 July to Monday 6 July, and then from Friday to Monday in subsequent weeks, but anyone planning to visit, including annual pass holders, will need to book in advance via the website and chose a timed arrival slot. The Land Rover Defender Hardtop will return … [Read more...]
Petrol hybrids are smart buys, say analysts
Three petrol hybrid 4x4 vehicles top the league for a smart buy. The Lexus NX, Rav4 and Kia Niro all show industry-leading low levels of depreciation. The Lexus NX retains 72% of its value from new after three years and 60,000 miles, losing on average £11,611. The Toyota Rav4 retains 69% of its value and loses an average of £10,341 over three years and 60,000 miles. The Kia Niro retains 67% … [Read more...]
BIK burden soars for company cars
Data experts cap hpi revealed the tax burden on company car drivers has soared over the last decade. The study looked at the popular fleet vehicle the BMW 320d SE and found that while the list price of the vehicle had risen by 23%, the BIK had risen 105% since 2009. In the same period, real wages have only risen 20%. The company is calling for the government to rethink its approach to taxing … [Read more...]
EVs spark big savings in service
Motorists will get an eco-dividend thanks to lower service and maintenance costs for electric vehicles against their petrol equivalents. A new study from automotive data experts cap hpi shows on average service and maintenance costs are 23% lower for electric vehicles than petrol vehicles over three years and 60,000 miles. The gap widens for smaller vehicles. A Renault Zoe will cost £1,100 … [Read more...]
