"They also predict a small rise in guide prices for the coming months", said Paul Hill National Association of Motor Auctions (NAMA) spokesman, following a meeting this week (Tuesday 21 February 2023) with key industry figureheads to discuss current industry issues.
For the car market, volumes are remaining steady and there is still a noticeable shortage of supply. The overall view from members is that the market has had a stronger start to 2023 in comparison to 2022. Cars in the £15-25k price range continue to see good values; £5-15k bracket is performing very well and experiencing strong demand for good quality cars in good condition; up to £5k cars are finding their place after rising for so long.
For light commercial vehicles, members are yet to experience any rise in their stock, following expectations of an influx entering the market. The tail end of January and start of February has been very strong for auctioneers, although there are signs that the market is now beginning to calm. The strongest performing sector for LCVs is the small and city vans, reflecting high levels of demand at this stage.
Attendees are reporting a 'plateaued' effect in demand for EVs, values are continuing to fall with some cars easing by as much as 10% since the start of the year. A similar trend follows in the LCV EV sector, reporting older vans with limited range capacity proving harder to move.
Paul Hill added "It is positive to see the market continuing to perform well, building on January and December. In March, we are predicting price guides for cars to rise slightly, circa 1% likely.
"Cars with more challenges around their condition, particularly grade 4 or lower are still proving to be the least popular. Presenting cars in a good condition remains as important as ever with buyers continuing to hunt for the best quality of stock for retail."