July 21, 2024
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In 2024, 60% of dealers foresee a more robust second half for the used car market

Nearly 60% of dealers are optimistic about the performance of the used car market in the latter half of 2024, according to the Startline Used Car Tracker for July.

About 35% of dealers are noticing signs of growing consumer confidence, while 31% anticipate a reduction in interest rates. Another 31% have observed improvements in vehicle stock supply, and 11% expect post-election demand to boost the market.

Despite the overall optimism, 30% of dealers predict the market will maintain its current state, and 10% forecast a downturn. Concerns include 8% believing high interest rates will persist and 5% noting a decline in consumer confidence.

Startline Motor Finance CEO Paul Burgess commented on the positive sentiment among dealers and consumers, with many expressing confidence in the market’s outlook for the second half of the year.

The July tracker also revealed that 50% of consumers feel optimistic about purchasing a used car this month, with 56% motivated by the need to replace their current vehicle. This indicates a notable increase from the earlier months of the year.

Furthermore, there is a positive shift in demand for electric vehicles, with 23% of consumers planning to choose electric for their next car, a significant rise from the beginning of the year.

The Startline Used Car Tracker, a monthly report produced by APD Global Research, collected responses from 307 consumers and 62 dealers.

FAQs

1. What is the Startline Used Car Tracker?

The Startline Used Car Tracker is a monthly report that provides insights into the used car market based on responses from consumers and dealers.

2. What are some key findings from the July tracker?

Key findings include dealer optimism, consumer confidence in purchasing used cars, and an increased interest in electric vehicles.

3. How many respondents were included in the latest research?

The research included responses from 307 consumers and 62 dealers.


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