Car Purchasing – UK – 2023

The UK car sector is passing through an unprecedented period in its recent history. Falling sales of first new and, more recently, used vehicles, have been a feature since 2017 with the COVID-19 pandemic, component shortages and the cost of living crisis since late 2021 only exacerbating problems.

In this most recent review, Chris’ optimism for the UK sector has strengthened. Assisted by the exit from the pandemic, and the growing appetite from buyers for electric and hybrid cars, new cars in particular are set for steady growth during 2023 and beyond. Although the current cost of living crisis is expected to dampen expansion in the short-term, the appetite from buyers and especially those who are used to purchasing new, will ensure the sectors recovery.

Yet one of the casualties of poor performance of the new car market remains the used market. Here, shortages of supply boosted prices during 2022, impacted affordability for some buyers. Although prices are now falling back, affordability and the ability to attract buyers to this sector will continue to be a challenge.

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