We have previously delved into the price fluctuations of the used car market but as the inflation of the automotive industry continues we are here to give you up to date information on the industry as a whole so that you can act accordingly.
The competition for new vehicles is so high around the globe, while that is to do with new vehicles, this in turn directly impacts the demand for used cars and the supply still just cannot catch up. This means that consumers are left with a limited choice in the cars available to them, markups in the price and a greater urgency to proceed with the deal, meaning less shopping around.
Ordering a New Car
Those that are purchasing a new vehicle instead of a used car are faced with a dilemma of avoiding the dealership markups by ordering directly from the car manufacturer, but in doing this, they are hit with 6 – 8 weeks wait time on receiving their purchase – often a luxury that people can’t afford.
Leasing Less Enticing
With stock levels of cars running low and the ones that are available being decked out with all of the extras – they are so much less likely to be sought out for leasing as the depreciation value is often a lot higher.
If you are currently in a lease agreement, it would be a great idea to do some research and consider buying out your lease as the market value was calculated years before the market entered such a volatile state.
Relief From Used Cars
With the shortage, the buyer preferences changed – albeit forcefully – to used cars. This caused a shortage of its own that wasn’t associated with the chip shortage, but rather the unprecedented demand, which led to sky high prices.
There are used cars on the market today that are 1 – 3 years old with the price exceeding that of a new car. While there is stability predicted in the market, for the time being, the prices are at record highs across the country.
We partner with the top, award winning used car dealerships across Northern Ireland to bring to you the best used cars on the market at just the touch of a button with our smart and easy to use car search engine that brings you all of the options that are available to you.
Consider Going Electric
With the governments help to buy electric car grant that is circulating at the moment, the reduced running fees of electric cars, the sky high new and used car prices, as well as considering the green initiative that is planned to ban the sale of diesel and petrol cars by 2030 – a lot of roads lead to electric cars or even hybrid models that are available on the market as a very viable contender. You can read more in our other blog about the cost of a electric cars.
We are proud of the support that we have provided to the people of Northern Ireland in the most unprecedented price hike in the history of the used car market. Matching hundreds of thousands of people with the right used car that matches their financial circumstances from the best used car dealers in Belfast and greater Northern Ireland.
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