In the ever-evolving landscape of car repairs, a recent story sheds light on the current state of affairs.
March 2024 saw unexpected dips in repair volumes, but April marked a rebound. Year-to-date figures show a mere 2% increase in repairs compared to 2023, suggesting stability. However, the pattern differs due to fewer working days in March 2024, impacting overall repair numbers.
The Trend Tracker website closely monitors several factors: insurance costs, excess values, car parc age, road traffic, retail repair demand, and total loss trends. While insurance costs and excess values rise, the number of cars on the road remains steady. Surprisingly, accidents haven’t decreased despite changing dynamics. Contributing factors include an aging car parc, a higher write-off rate for Electric Vehicles, and a lingering cost-of-living crisis.
The recent report also highlights approximately 150 new sites in 2024. Coupled with reduced lead times, this surge in capacity balances the equation. Despite appearances, the trend reflects similar repair volumes, with more work being completed across multiple sites.
Source: Insurance Edge