[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/smart-motoring.com\/blog\/used-car-prices-have-somehow-remained-stable\/#BlogPosting","mainEntityOfPage":"https:\/\/smart-motoring.com\/blog\/used-car-prices-have-somehow-remained-stable\/","headline":"Used Car Prices Have Somehow Remained Stable","name":"Used Car Prices Have Somehow Remained Stable","description":"Auto Trader reports virtually no change in used car prices during the current pandemic Being on lockdown you would expect the used car market to suffer, yet used car sellers aren\u2019t budging on price. Auto Trader have been analysing their data and have come to a few conclusions. They assume that consumers are still raring to go out and buy a used car and will likely do so once the lockdown has been lifted. This could be why retailers have […]","datePublished":"2020-04-09","dateModified":"2020-04-16","author":{"@type":"Person","@id":"https:\/\/smart-motoring.com\/author\/isabelle-lawrence\/#Person","name":"Isabelle Lawrence","url":"https:\/\/smart-motoring.com\/author\/isabelle-lawrence\/","identifier":30,"description":"Max Wheeler is a leading motoring journalist and classic car specialist at Smart Motoring, renowned for his sharp insight and infectious passion for all things automotive. With years of experience covering motoring news, supercars, and the enduring legacy of classic cars, Max brings stories to life with style and authority. Whether it\u2019s the roar of a Lamborghini, the elegance of an Aston Martin DB5, or the cultural impact of vintage motoring icons, he delivers expert commentary that inspires enthusiasts and collectors alike. Dedicated to celebrating the heritage and future of driving, Max Wheeler is your trusted voice for classic car news and beyond.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/8d331506e3c530b5ec4930c30a01ed8cc29b0537227573ae5da98f559e681401?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8d331506e3c530b5ec4930c30a01ed8cc29b0537227573ae5da98f559e681401?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Smart Motoring","logo":{"@type":"ImageObject","@id":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2024\/10\/smart-motoring_news_logo_g-e1765846726493.webp","url":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2024\/10\/smart-motoring_news_logo_g-e1765846726493.webp","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2020\/04\/Used-Car-Prices-Have-Somehow-Remained-Stable-feature.jpg","url":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2020\/04\/Used-Car-Prices-Have-Somehow-Remained-Stable-feature.jpg","height":520,"width":1200},"url":"https:\/\/smart-motoring.com\/blog\/used-car-prices-have-somehow-remained-stable\/","about":["BLOG","Cars","LATEST CAR NEWS"],"wordCount":659,"keywords":["AutoTrader","Second hand cars","Used cars"],"articleBody":"Auto Trader reports virtually no change in used car prices during the current pandemicBeing on lockdown you would expect the used car market tosuffer, yet used car sellers aren\u2019t budging on price. Auto Trader have been analysing their data and have come to a few conclusions. They assume that consumers are still raring to go out and buy a used car and will likely do so once the lockdown has been lifted. This could be why retailers have been advised to not budge on price.At a glance, it may seem like interest for buying used carshas hit rock bottom due to the sudden drop in enquiries. However, although noone is visiting showrooms at the moment (or people\u2019s driveways in the cases ofindividual sellers) that does not mean people aren\u2019t still looking for usedcars. For March, the Auto Trader Retail Price Index saw virtually no change at just -0.2%.Approximately 12,000 price changes occur daily on Auto Trader and yet, after the lockdown was announced on March 23rd, the average fell to around 5,885. Also, after the lockdown was announced, the last week of March showed an 8% year-on-year increase in the number of vehicles that were \u2018saved\u2019 for users to consider buying. Auto Trader also reported an increase in adverts viewed per user session, meaning people were viewing more vehicles during their time on the site.It gets more interesting with the results of research recently carried out between March 27th and April 1st, where a sample of 450 car buyers were asked about how recent events may change their car purchasing behaviour. 88% of participants said they would spend the same amount oftime or more in researching their next car purchase. Only 4% said that theywere no longer looking to buy a car, suggesting that very few people have lostinterest in their next car purchase due to the hand that Coronavirus has dealtus.Auto Trader have been looking at their datasets closely and not only are they suggesting that all is going well for the used car market at the moment but are also saying that once the Government\u2019s isolation restrictions are lifted, buyers will be out in full force and be very eager to snap up a new ride for themselves. \u201cThere\u2019s no question the industry is facing a huge pressure, but to ensure we can return to health as quickly as possible; we urge retailers to resist the temptation to reduce prices. Many of our indicators suggest the market is capable of picking back up almost where we left off before the COVID-19 pandemic shook the industry, and we must be ready for when the Government restrictions lift.” Richard Walker, Auto Trader\u2019s Data and Insight Director \u201cDespite consumers being unable to visit physical forecourts, they\u2019re still visiting and engaging with digital showrooms. We can see that not only are they saving their favourite vehicles and using this time to research their next car, but they\u2019re also making enquiries. It\u2019s therefore more important than ever that retailers are visible online to capture this consumer demand and be ready to engage with potential customers. By doing so, they\u2019ll be in the very best position for when they can reopen their doors.\u201d Richard Walker, Auto Trader\u2019s Data and Insight Director Furthermore, the consumers fortunate enough to have not losttheir jobs during this crisis may also have been busy saving up, preparing topurchase their next car. With most of us being in strict lockdown during thistime, a lot of people will be eager to leave the house and once we\u2019re allowed,you may find car buyers heading straight to a viewing of their next car!Let us know if you\u2019re in the same boat and have been busywith non-stop car browsing online!If you enjoyed this, you should read about this really weird car called the Citroen Ami."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/smart-motoring.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Used Car Prices Have Somehow Remained Stable","item":"https:\/\/smart-motoring.com\/blog\/used-car-prices-have-somehow-remained-stable\/#breadcrumbitem"}]}]