Trend Tracker’s latest Market Snapshot has revealed the continued surge in demand for plug-in vehicles while highlighting persistent disruption to supply.
Produced with the support of Solera Audatex, cap hpi and the SMMT, Trend Tracker’s analysis for October contained the prediction that more plug-ins will being sold this year than during all of the last decade.
The insight from SMMT revealed, new car sales during the month fell by nearly a quarter to make it the worst performing October overall since 1991. This has partly contributed to a continued rise in the value of used cars, although cap hpi confirmed growth slowed to 1.2% in October following the largest ever ‘in month’ rise in September, when prices surged 5.9% for the average three-year-old car with 60,000 miles on the clock.
With used car prices still at an all-time high, the repair sector is seeing an increased volume of large repairs, which is increasing repair and key-to-key times in an already busy sector.
Trend Tracker reported increased demand on parts, paint and consumables as a result, demand into a supply chain which is experiencing challenges (driver shortage and component part delays). As such, the average repair cost rose again to £2,265.
The monthly report is free to all Trend Tracker subscribers, subscription can be started here.
Meanwhile, Trend Tracker will deliver a more forensic analysis of the market at ARC360’s Back to the Future event on 25 November, when it will look at the fluctuations in supply and demand, the fall of claims spend during the pandemic, and the pressure to reduce insurance premiums while supply chain costs continue to rise.
