There was no surprise in the industry that Tesla’s market value had surpassed the $1 trillion mark. The only surprise was the speed at which it had achieved membership of the very exclusive trillion dollar collective, which was previously only occupied by Apple, Facebook, Amazon, Microsoft, and the owners of Google, Alphabet.
The UK car market is seeing two very noticeable changes, one is the short supply of new vehicles and an increase in demand for used cars, which is causing the most popular used cars to have prices increased by up to 57% since 2019.
AA cars website has reported that one noticeable make and model which has risen dramatically in price is the Ford Fiesta, around three to five years old. Two years ago it was valued at £7,448 and now it’s being sold at around £9,770, today. It’s official, “nearly new” used cars are in high demand, as stated by key figures in the industry. Read more
With the latest scientific data being released on the current global warming crisis, the UK government is taking drastic measures in trying to reduce the greenhouse gas emissions which is currently plaguing the planet. The overall ambition set is to reach a target of zero gas emissions by the year 2050.
The announcement recently made by the government will ensure around 440,000 new jobs by 2030, as it has previously been planned to stop the production of petrol and diesel-run cars by this time. The jobs are planned to be created by changes made in building and maintaining cleaner energy sources across the country.
Ford has announced a £230 million investment into its Halewood car plant, which will be set up to manufacture electric car parts. By doing so, it will safeguard around 500 jobs. This is seen as a huge boost for Merseyside’s local economy and Ford is showing they are going to be major players in the electric car market.
Previously there had been speculation that the future of the Halewood plant was looking rather bleak but Ford has now decided to push ahead in electrifying their cars. The president of Ford Europe, Stuart Rowley stated the investment will mean the plant will run for many years longer.
The UK is slowly getting over one long-term crisis and now the country finds itself having to deal with another possible ongoing problem, shortages. These shortages range from food, toys, electrical goods, cars, fuel, and other important resources the country relies on, especially with the festive season fast approaching.
Below is a list of the main shortages and an explanation as to why.
It seems like the perfect storm when it comes to high-tech goods and toys, especially those being imported from China. The problem lies with the current chip shortage which is impacting most tech goods, like the PS5 and the XBox Series X. On top of that, most imports are sent via container ships, but due to the world economic slowdown, there’s been a shortage of containers in Asia. This all has had a knock-on effect on shipping costs, which have rapidly spiraled tenfold. If you are lucky enough to locate a container, the shipping time to get it to the UK has doubled, meaning less time to get stocks on the shelves before the start of the festive season.
Some major retailers are actually sourcing their own ships. John Lewis has recently announced they are chartering a fleet of cargo ships, in order to get their peak season stocks in the shops before the Christmas shopping season.
Another industry that has been deeply affected by Brexit is the poultry industry. Due to a vast shortage of labour from the EU in this sector, there’s a shortfall of around 7,000 jobs. The vacancies are currently in the process of being filled but the severe delays due to visas will mean the farmers may struggle to meet demand.
And the bad news is, Brexit has also greatly affected the Christmas trees’ import supplies. The UK relies heavily on around 3 million real trees from the EU, and due to new rules and laws, supplies have been impacted and causing havoc, resulting in not only a shortage of Christmas trees but possible price increases.
Yes, you’re probably getting bored of reading the same reasons as above but yet again Brexit has done it again and created a shortfall of HGV drivers who are normally recruited from Europe. So major supermarkets and shops are not getting their products as regularly as they did before Brexit. There are even stories of dairy farmers having to dump milk stocks because no lorry drivers have been available to do the pickups. So you’d best shop for confectionery in November before the rush begins.
Now there’s a worldwide shortage of brand new cars. This is mainly due to the microchip shortage which is a major requirement for all newly registered cars. Cars now are virtual computers on wheels, the technology which goes into each vehicle is immense and most, if not all cars are reliant on processors, powered by high-demand microchips.
The worldwide pandemic was the major factor causing this shortage. Factories worldwide had to close down, creating massive backlogs in car and component productions. The likelihood is, that normal supplies and production won’t be back on track to at least 2022 or even as late as the early part of 2023, as quoted by the boss of Daimler and Mercedes-Benz, Ola Källenius.
One of the few beneficiaries of the shortage of new cars in the UK are the used car dealers, such as Best Price Car Sales who are based in Southampton. The shortage of new cars has greatly increased the demand for used cars in the UK. We have used the opportunity to highlight our online, click and collect service. By investing heavily in our infrastructure and nationwide setup, we’re able to deliver our customers’ used cars anywhere in the UK within three days, in most cases, we are able to offer a same-day delivery service if you are located within 100 miles of our delivery units.
All of Best Price Car Sales, used cars, come with a full warranty, HPI check, and will come with a valid MOT. Not only that, we offer an over-the-phone part-exchange service, and can even look into paying the outstanding car finance on your old car too. As a licenced credit broker, we have access to the UK’s top car lenders who will consider most cases when it comes to offering competitive car finance rates.
To learn more about our current deals and offers on our huge range of used cars, call us now on 02382 549 222 or click here to apply for instant car finance products.