Mail Online

USED

car sales shrank by almost a fifth in the second quarter of 2022, but industry bosses blame a shortage of stock rather than near record prices amid a cost of living crisis.

But with no sign yet of used prices falling, some experts believe pressure on incomes and worries about the future have led some owners to hold onto their cars for longer.

Some 1,759,684 used vehicles changed hands between April and June, down 407,820 on last year.

The SMMT says the drop is down to a ‘knock-on’ from issues strangling the new car market for the last two years — namely the shortage of semiconductor chips and the lingering effects of Covid lockdowns.

Ian Plummer, director of car sales website Auto Trader, said: ‘The market is reeling from a blow in basic economics — there’s simply not enough cars to sell.’

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2022-08-13T07:00:00.0000000Z

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https://mailonline.pressreader.com/article/282681871037700

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