Cox Automotive forecasts a stable year for the used car market, predicting 7.64 million transactions by the end of 2025. However, there is growing optimism as prices begin to stabilise, particularly for electric vehicles, which are set for significant growth over the next four years.
EV prices are showing signs of levelling as retailers adjust to customer demand and shorter selling times.
Data from Cox Automotive and Regit indicates that 69% of drivers are unwilling to pay more for an EV than a petrol or diesel equivalent, suggesting that lower-priced used EVs could boost adoption rates.
The used car market is expected to remain strong due to the supply gap caused by low registrations in previous years. Prices are likely to stay firm until depreciation patterns return to normal later in the year.
