Used Car Prices Are Plunging—Almost Half of Drivers Might Jump In
New research from Startline Motor Finance reveals that 46 % of motorists could be tempted to buy a second‑hand ride now that prices have dipped heavily.
What The Numbers Say
When asked how the drop in used‑car prices—>an average drop of 20 % over the past year—would affect their buying plans, the survey found:
- 21 % said it would make them much more likely to purchase.
- 25 % said it would make them slightly more likely to buy.
- 48 % were unaware that prices had fallen.
- Only 7 % still feel that prices are a barrier to buying.
Why Prices Are Dropping Now
CEO Paul Burgess explains: “After years of supply shortages and high demand post‑pandemic, prices jumped hard and hit their peak around mid‑2023. Since then, the market has warm‑up supply and customers are shunning high interest rates, causing prices to fall rapidly. Although still above pre‑COVID levels, an average drop of about a fifth (or 20 %) has happened in the last year.”
“Many people have stuck with the same vehicle for years, thinking they couldn’t afford a change. But now is the moment when they might realize that they can actually re‑enter the market.”
What The Research Process Looks Like
The Startline Used Car Tracker is assembled monthly by APD Global Research, a well‑known name in motor industry intelligence. For this report 304 consumers and 61 dealers were interviewed.
Time to Get Back on the Road?
According to Paul, “If price falls become more widely known, we expect demand to climb. The fact that only 7 % still see cost as a hurdle suggests the era when buyers felt priced out is ending—great news for everyone.”
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