Those who are buying a second-hand car are favoring lower-priced models, for which demand has been relatively resilient, according to Barlow.

The decline in prices also marks a return to pre-COVID trends. Used car values spiked in Britain last year more than in other European countries, in part because right-side driving in the UK prevented cross-border inflows from left-side driving neighbors, said Andy Shields, business unit director at Indicata.
Last year’s supply-chain constraints are also starting to ease, which should help increase supply, according to Urvish Patel, associate economist at the National Institute of Economic and Social Research.
Still, some of the issues that drove up used-vehicle prices, like chip shortages and production lags, remain.
“What surprises me is actually how difficult it is still to get hold of a used vehicle,” Barlow said. “Whilst we have seen a decline in values, we still find it difficult to source cars now.”
Original Article: https://europe.autonews.com/automakers/uk-used-car-prices-ease-after-covid-surge-fuel-costs-spike