Auto & Transportation

According to foreign media reports, data from Auto Trader, an online car sales market in the UK, shows that dealers have encountered great difficulties in new car inventory. At present, 17% of used cars with a car age of less than one year are more expensive than new cars. On October 20, Auto Trader said that this proportion has increased from 4% at the beginning of the year.

Last week, due to the “extraordinarily strong” demand for cars and the shortage of new cars, British consumers spent about a quarter more on second-hand cars than in the same period last year. According to Auto Trader's data, last week, the average price of a used car was 19,018 pounds, a sharp increase of 23.9% year-on-year.

This is the 76th consecutive week that used car prices have risen in the UK, four times higher than the 5.7% year-on-year increase on April 12. On April 12, dealers reopened for the first time after the epidemic control.

This growth has been driven to a certain extent by the substantial increase in demand. According to the number of search and ad views on the Auto Trader website, demand has increased by 19% compared with the data before the epidemic in 2019.

In addition to price increases, car sales are also accelerating. Last week, the average time for cars to leave the inventory site was 23 days, 17% faster than in April.

Last week, the price of Jaguar XK increased the most, with an average price of 28,505 pounds, an increase of 46%. Hyundai i30 (12,605 pounds, up 42%) and Ford Focus (14,118 pounds, up 39%) followed closely behind.

Richard Walker, head of data and analysis at Auto Trader, said: "Inflation is now attracting a lot of attention. Economists are very interested in parts that have soared prices, especially used cars. It is a significant boost to the recent inflation rate in the UK. factor."

Walker said, "As the growth level of used car prices breaks the previous record again, there are many speculations about how long the continued increase in used car prices will last. Although inflation may reduce consumer demand, we expect prices. Growth will not slow down in the short term."

Automakers such as Volkswagen and Stellattis are still affected by the global chip crisis. The outbreak of the new crown in the third quarter caused the suspension of operations of chip packaging and testing facilities in Southeast Asia, further exacerbating the chip crisis. Car sales in Europe this year may even be lower than last year's downturn, when the epidemic control blocked car delivery.