The price of used cars in Northern Ireland and the UK as a whole have reached unprecedented levels with the nation as a whole struggling to believe the sky high prices that they are met with when purchasing a used vehicle.
There are opinions that are being formed by experts stating that we are in the middle of a car recession that will see prices plummet mid 2022, so the advice at the moment from those experts is that if you are hoping to bag a bargain on a used car, you should exercise patience.
Unfortunately, used car prices will probably not drop in this last month of 2021, though sales are going down. Car dealerships Northern Ireland wide are backing this up saying that this is very much a seasonal trend that the industry sees every year and that any price drops are likely to be towards the middle of next year when the production of new cars ramps backup when more car chips become available, therefore replenishing the used car dealerships with the supply they very much need.
Reasons for the Increase in Used Car Prices in Northern Ireland
Reasons for the sky high car prices being seen in Northern Ireland:
- With the risk of COVID transmission there is a concern regarding the use of public transportation – therefore increasing the demand for used cars.
- Supply chain issues affecting the car chip market have halted the manufacturing of new vehicles -therefore, there are less models available and much longer waiting lists, driving increasing demand further.
- Changes in tourism habits – the much loved overseas travel that is severely restricted is seeing more people road tripping and needing a vehicle to do so.
The bottom line is that the demand is high, higher than it has ever been, with demand high and supply short it has skyrocketed the prices of used cars. Driven and directed by Covid, the used car market is still very much in for a bit of a ride before we can expect to see anything levelling out and returning to some level of normality.
There are predictions that this is the new normal in terms of pricing that Covid has changed the market forever. With the conflict in information and the ongoing effects of the pandemic, we will continue to keep you updated on all things.
Bottom line? Prices for used cars are high because the demand for them is high, there are certain factors that are related to covid and also factors that are unrelated.
What Is the Best Way to Buy a Used Car in 2021/2022?
If you want to buy a used car in Northern Ireland in 2021/2022, the best thing you can do is type ‘used cars NI’ on your browser to shop for models and car dealerships. At Carlover have some of the nations most trusted dealerships on site that we have worked alongside for a number of year.
