The market for used cars has been killin’ it in 2025, y’all! Sales went up again in the first quarter, ’cause more folks are lookin’ for them affordable, almost-new rides with the economy lookin’ up. The latest deets on the economy are kinda optimistic. Inflation took a surprising dip to 2.6%, which is helpin’ folks out with their money situation. So, the Bank of England went ahead and dropped the base rate this week, hopin’ to boost people’s confidence and get ’em spendin’ more in the used car market. The main thing drivin’ this trend is affordability, and electric cars are playin’ a big role in that. Our data shows that prices for the most popular used EVs and hybrids in the UK dropped by 10% in Q1, makin’ ’em more reachable for a wider range of buyers. With more electric models showin’ up in the second-hand market, includin’ them newer, longer-range EVs, shoppers are seein’ more options and better prices. This is keepin’ the momentum goin’ for EVs in the used car scene.
But, there’s still some global stuff goin’ on that could mess things up. The talk of US tariffs on car imports was causin’ some issues for new car supply chains, but the recent decision to lower the import tariff for UK-made vehicles to 10% is good news for the industry. It might not directly affect UK used car prices right away, but any problems with gettin’ new cars could eventually mess with the availability and pricing of second-hand rides. Even with all that drama, the used car market keeps chuggin’ along. As long as there’s enough supply and the economy stays steady, it looks like the sector will keep growin’, givin’ budget-conscious drivers the value, variety, and flexibility they want in 2025.
The big boss over at the Society of Motor Manufacturers and Traders (SMMT), Mike Hawes, said, “The used car market is off to a rockin’ start this year, better than before the pandemic hit, thanks to more new cars bein’ available. Folks are really diggin’ electric vehicles these days, with more options and better prices makin’ it easier for people and businesses to make the switch. But, keepin’ this growth goin’ depends on havin’ enough EVs from the new car market – and that means we need some tax breaks along with a chargepoint network that’s easy to access and won’t break the bank, so everyone, no matter their budget or drivin’ needs, can enjoy emission-free ridin’.”
It’s kinda cool to see the used car market doin’ so well these days, right? Like, who would’ve thought we’d be talkin’ ’bout electric cars takin’ over the scene a few years ago? But hey, times are changin’, and it looks like used car buyers are catchin’ on to the trend. Not really sure why this matters, but it seems like a pretty big deal for the industry, so good for them!
Like, keep on cruisin’, used car market – you’re doin’ great in 2025!
