Motor Trade Monthly Round Up January 2020
Motor Trade News For January 2020
January used car values up by 0.6%
For the last eight years, the value of used vehicles has dropped by an average of 0.4% each January. This streak was broken when used vehicle values had an overall rise of 0.6% in January 2020.
This rise was strengthened by the small car sectors during the month, with city cars having a value increase of 2.6% and Superminis value increasing by 1.8%.
The medium vehicle sector had also experienced an increase during the month, rising by 0.4% overall. This range of vehicles continue to be in demand depending on the car age and mileage.
The SUV sector had an overall increase of 0.4%, though this seemingly depends on the age, mileage and size of the car, with the larger SUVs dropping by 0.9%, which shows that larger vehicles are decreasing in demand. This is proven further by the fact that the small SUVs increased by 0.3%, and medium SUVs by 0.6%.
January has often been the month where vehicle sales take a while to gain momentum, and this positive start to the year is likely to continue to another month, helping an already strong used vehicle market.
Fastest selling used car in the UK
With Electric Vehicles on the rise each day, it is no surprise that used vehicle sellers are keeping their eyes on them for a gap in the market.
90% of the top 10 fastest-selling vehicles are made up by Diesel and Petrol cars, however, there is the surprise addition of an EV hitting the top of the list.
The 2016 Renault ZOE, an electric automatic, is titled as the fastest-selling used car in the UK, taking an average of 25 days to sell, compared to the rest of the top 10 averaging between 28 and 34 days before a sale.
With EVs experiencing an increasing demand, the ZOE will likely remain in its place at the top of the list.
Renault's trial electrified roads
Electric roads have been a hot topic for Electric Vehicle enthusiasts for a while. These roads are designed to use contactless induction technology to charge EVs on the go.
This development is now part of a two-year Groupe Renault project to trial each of their intuitive charging solutions.
These tests will be running throughout several European countries, each trialling a different method of charging technology. These tests are set to begin in April this year, with the first phase analysing the users' needs and requirements while on the road.
This new development could potentially increase the demand for new and used EV and Hybrid sales as everyday use could be made far more convenient.