Car dealer group Lookers said that motorists changing vehicles at the end of fixed-term finance deals will prevent the auto market falling off a “cliff edge”, despite the squeeze on household budgets.
As the company posted record annual profits because of soaring used car prices, it forecast that prices would remain high this year because of the limited availability of new cars due to a global chip shortage.
Lookers also expects demand, which has increased since lockdown restrictions were dropped, to remain stable because so many people buy cars using a finance deal that incentivises them to change models regularly.
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