Dealers have largely welcomed a range of measures from last week’s Budget, viewing them as beneficial for the used car market.
According to November’s Startline Used Car Tracker, key initiatives such as the freeze in fuel duty (+54%), the increase in the living wage (+23%), and heightened investment in public services (+23%) received positive feedback.
The findings also indicate optimism regarding Labour’s proposed £70 billion investment in the economy (+59%), the introduction of the Skills England training initiative (+52%), and the adjustment of personal tax thresholds (+26%).
Conversely, the least popular policies included the rise in employee National Insurance (+7%) and the increase in Capital Gains Tax (-7%).
Paul Burgess, CEO of Startline Motor Finance, noted: “It’s probably important to caveat these findings by making it clear that this research covers whether dealers think that the Budget will be good for the used car market in general, rather than their own businesses.
“Out of the big announcements made by the Chancellor, only the moves on employee National Insurance and higher Capital Gains Tax are seen by dealers as having anywhere near a negative effect.
“Our reading would be that generally, dealers believe more investment in the economy is good for the used car market. It’s interesting that our research also shows that 62% of motorists say they are more likely to buy a car in the next 12 months following the Budget.”
The Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research. This time, 303 consumers and 59 dealers were questioned.
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