Virtually half of motorists (46%) might quickly be eyeing a used automobile following substantial worth falls, in response to Startline’s newest month-to-month Used Automotive Tracker.

When instructed that used automobile costs have fallen by a median of just about 20% within the final 12 months, 21% stated that it might make them much more seemingly to purchase and 25% somewhat, exhibits March’s Startline Used Automotive Tracker.

Paul Burgess, CEO at Startline Motor Finance, stated: “Used automobile costs began rising fairly dramatically because of inventory shortages and excessive demand following the pandemic, and largely peaked someday in early-mid 2023.

“Nonetheless, since then, higher provide and decrease ranges of curiosity from shoppers imply that costs have fallen fairly quickly. Whereas they’re nonetheless markedly greater than pre-Covid, they’ve dropped by a median of a few fifth within the final 12 months.

“Many individuals have been persisting with the identical automobile they’ve been driving for years, considering they’ll’t afford to make a change, however now is likely to be the second after they discover they’ll lastly re-enter the market.”

Nonetheless, nearly half of motorists surveyed (48%) by Startline stated they didn’t know used automobile costs had decreased and seven% believed they must fall a lot additional earlier than they thought-about shopping for a automobile.

Burgess stated: “Most individuals don’t take a look at used automobile costs usually except they’re considering of creating a change, so it’s unsurprising that so many aren’t conscious that there have been worth falls. If it turns into extra broadly identified, we may even see a rise in demand.

“Additionally, it’s fascinating that solely 7% of individuals nonetheless see worth as a barrier to buying. The time when many shoppers felt that they’d been priced out of the used automobile market is likely to be coming to an finish, which is nice information for everybody.”

The Startline Used Automotive Tracker is compiled month-to-month for Startline Motor Finance by APD World Analysis, well-known within the motor business for his or her enterprise intelligence reporting and buyer expertise applications. This time, 304 shoppers and 61 sellers had been questioned.