The monthly market intelligence report by AutoTrader shows an insight to how the market is progressing in March 2022. The supply of new and used vehicles is hindering the amount of sales for dealers even though the consumers still search for their next car.
March’s new car market was down 14 percent on 2021, and the weakest march since 1998 as supply chain shortages continue to hinder production. With retail sales up 8% year-on-year, OEM’s continue to priortise delayed orders.
There was a total of 243,479 new cars registered according to the society of motor manufacturers and traders (SMMT). This is 47 percent down from March 2019 also.
Due to the rising increase of fuel prices, enquiries on battery electric and hybrid vehicles skyrocketed. There was a 23 percent increase since February 2022.
March was another record-breaking month for used car price growth
Values increasing 32 percent on a year-on-year and like-for-like basis. Although, while growth remains incredibly strong, the accelartion that has characterised the market since spring of last year is showing small signs of easing.
Year-on-year prices are up across the market – and across all age cohorts with 3.5 years old cars seeing the largest price movements in recent months.
Demand, Supply, Market Health & Price Movement (YOY Growth)
