Used car sales dip after Autumn Budget
Used car sales in the UK declined by nearly nine per cent immediately after the Autumn Budget, indicating a potential fall in consumer confidence.
According to Marketcheck, used car sales fell by 8.74% in the 11 days immediately following the Budget compared to the 11 days immediately before.
It found that average daily sales fell from 10,892 units to 9,940 units, with total transactions down from 119,809 to 109,336.
The data revealed that petrol car sales dropped by 9.87% and diesel sales were down by 8.38%, while electric vehicle and hybrids sales decreased by 3.55% and 4.63% respectively.
Marketwatch spokesperson Alastair Campbell said: “Without doubt, market confidence has been hit following Labour’s Budget. These are significant falls, which directly correlate to the wider economic announcements made by Rachel Reeves.
“The used car market is a reliable gauge of economic confidence, so to see such a stark drop immediately following the Budget is a concerning sign for the British economy. Individuals and families are tightening their belts, and evidently that has been reflected in these falling sales.”
