If you have been paying attention to the used car market or, tried to sell your car you’ve probably noticed, it’s taking a bit of time.
Private sales seem on average, a lot slower than usual and traders/dealerships are taking advantage of this with very low trade in valuations. So, why has this happened and what has 2024 got in store for us? Is the used car market set to rise in 2024?
What is the current state of the UK Used car market?
Over the last few years the UK has suffered some major economic disturbances. Russia invading Ukraine and coming out the tail end of a global pandemic has really put all markets in a tizzy. The car market however, is a weird one. Used cars and private sales absolutely soared during Covid with interest rates on a massive low and sunny skies tied in with clear roads left petrolheads keen on finding their new fun machine. That being said, to restore economic balance, interest rates have rocketed post pandemic, living costs have massively risen and this all leads to people counting their pennies.
Will the used car market improve in 2024?
Well, here at SwapAuto we think the market is going to come fighting back in the summer of 2024. Interest rates are slowly but surely coming down and the weather is already starting to improve coming out of Christmas. As trade vehicle values are also very low, a lot of new sellers are going to look at selling privately through affordable avenues and social media and as more cars are shown to the masses, it breads more confidence in the market.
What to do if your vehicle trade in value is low but you want to sell?
SwapAuto was created specifically for this reason. Selling privately has been a point of call for many car owners across the country however, over the past few years transparency on a vehicles history has been harder to come by leaving buyers nervous about purchasing outside a reputable company. Fear not, as SwapAuto is intending on changing this for the better. Along with being able to list your car for sale for free, you can also gain access to any vehicles full background information including MOT reports, history and repair information. All communication is also done directly through the platform and all accounts are monitored so safety is of key importance.
The good thing about private selling is also that you never lose the option of trading in your car to a dealership, we always advise its worth putting it up for sale privately and if no success is gained, then you can drop your pants for your local dealer.
For everyone, we hope the year ahead brings good news in all areas in life, the UK economy hasn’t been pretty of recent years and we think we could all use a good break. Hopefully, finding your next project, pride and joy or pop to the shops vehicle will help bring those all needed smiles.
If you’d like to list your car for sale FOR FREE on SwapAuto follow this link – Create Account
(All information in this article is not to be taken as factual of financial advise. All written words are the opinion on the author and not to be construed otherwise)
