The worth of a second-hand automobile has now fallen from file highs after the spiralling price of gasoline hit driver demand.
Costs for used automobiles fell 2.5pc in June, in response to the Workplace for Nationwide Statistics, at the same time as general inflation reached a 40-year excessive of 9.4pc.
But the typical value of a used automobile continues to be £17,298 – up from £12,798 in 2019, in response to Auto Dealer, the web automobile vendor
The second-hand automobile market boomed in 2020, when gross sales of recent automobiles faltered because the pandemic pressured showrooms to shut and a semiconductor scarcity rocked the motor business. Concern of public transport throughout the peak of the pandemic additionally drove used automobile costs greater.
However James Fairclough, of the comparability web site AA Automobiles, warned that many shoppers have been now avoiding big-ticket purchases as the price of dwelling disaster spiralled additional uncontrolled.
“Individuals are being rather more cautious about how they spend their cash,” he stated. “Many individuals who have been on the fence about shopping for a automobile are ready to see how their funds and the economic system look in just a few months’ time as a substitute.”
The price of petrol reached a file excessive of 191.53p a litre initially of this month, whereas diesel hit 199.07p a litre.