Falling electric vehicle values are stabilising once they reach price parity with their internal combustion engine equivalents, March’s meeting of the Vehicle Remarketing Association was told. Andy Shields, global business unit director, of Indicata, presented data for a variety of EVs that showed this trend, following on from the dramatic price falls seen in 2023. “This effect appears to have … [Read more...]
EV complaints rising, reports troubleshooter
Motorists' complaints about electric vehicles and dealers selling them are rising, reports The Motor Ombudsman. The latest increase may be put down to a greater number of consumers getting behind the wheel of pure battery-driven models, and the cost of living crisis driving more individuals to recoup financial losses, as pressures on household budgets continue to build. The … [Read more...]
Car sales rise amid warning on quota
The new car market grew 25.8% in June with 177,266 vehicles registered, according to the latest figures from the Society of Motor Manufacturers and Traders as it warned of problems ahead in 2024. The June performance marks the 11th consecutive month of growth as the industry gradually overcomes the pandemic-induced supply chain shortages that constrained production for much of the previous two … [Read more...]
Bumping in the trade under HMRC watch
HMRC has identified an increasing risk of an error in the VAT returns for certain Franchised Dealerships, described as “Bumping”. HMRC are sending letters to some motor retailers that they believe are at risk from ‘Bumping’. Bumping is where there is a discrepancy between a vehicle sales invoice on the DMS system and the finance proposal one, which can lead to the underpayment of output VAT on … [Read more...]
Consumer Credit Act Changes proposed
NFDA welcomes Government’s commitment to modernise consumer credit laws, which will make motor finance more accessible for consumers, said Sue Robinson, Chief Executive of the National Franchised Dealers Association. Last week, the Government announced its commitment to reform the 1974 Consumer Credit Act, which includes car finance regulations for hire purchases and PCP agreements. The … [Read more...]
Used cars bounce back led by hybrids
The UK’s used car market grew by 11.5% to 7,530,956 transactions in 2021, according to the Society of Motor Manufacturers and Traders. It reported 777,997 more cars changed hands than in 2020, a year which was even more badly affected by Covid lockdowns and unsettled consumer and business confidence. Despite this growth, the 2021 performance was still -5.5% below the pre-pandemic five-year … [Read more...]
£10,700 average claim by motorists for EV complaints
Dealers and software are failing buyers of electric cars, says The Motor Ombudsman. It's dedicated to the automotive sector, and has reported that a third (33%) of disputes submitted by consumers in relation to the purchase or ownership of an electric vehicle, to its dispute resolution service in 2021, were due to an issue at the point of sale, or because of the customer service they had … [Read more...]
Used cars’ sales booming, says industry
The UK’s used car market grew 108.6% in the second quarter of 2021 according to the Society of Motor Manufacturers and Traders. Some 2,167,504 vehicles changed hands, up 6.6% on 2019 pre-pandemic levels, the best Q2 performance and almost the best quarter ever for the used car market. The increase tracks the country’s gradual emergence from lockdown, as businesses reopened, demand for personal … [Read more...]
Newslines 1 June
cinch reports there’s been an unprecedented upsurge in searches for convertibles from ever-optimistic Brit car buyers looking to purchase a car that will allow them to literally feel the wind in their hair and the sun on their face. From 4 January to 26 April, cinch saw a 303% increase in convertible car views, with views steady ever since and last week alone convertible searches spiked … [Read more...]
Newslines 5 March
With staycations booming this year, an invaluable new publication is the Caravan and Motorhome Club Buyers Guide 2021, which is full of information about the latest and most innovative motorhomes and campervans new to market. An independent, expert and knowledgeable panel carried out full technical specification, design, use of space and usability reviews of 106 new-to-market leisure vehicles … [Read more...]