Philip Nothard, chair at the Vehicle Remarketing Association, said:
“Really, what the remarketing sector is overwhelmingly looking for from the government after the events of the last few years – the pandemic, the war in Ukraine, the domestic economic chaos we saw late last year – is a stretch of stability that allows the relative strength that we have seen in the used car and van sector to continue. The Budget probably delivers on that. There is little drama in its contents but measures such as the retention of the £2,500 energy price guarantee should mean that the cost of living crisis will at least become no worse, if not improve. This should mean consumer confidence remains stable, something helped by the forecast of avoiding technical recession.
“For motorists in general, the freeze in fuel duty and additional help for potholes are both welcome while the childcare and pension measures designed to get people back into the workforce are good ideas which, given the labour shortages that we are seeing across remarketing, may have a positive effect.
“Finally, we have been highlighting the need for some form of support in the used market for electric vehicles and there was no news in that area today, but we remain hopeful that the government are listening to the points we are making and will take action relatively soon. This is something that is very much needed to ensure the smooth electrification of the used EV sector.”