The used car market is set to close 2024 on a high note, with strong demand and stabilising prices, according to Auto Trader’s Retail Price Index.

Despite a -7.4% year-on-year dip, used car prices averaged £16,408 in October - marking the smallest annual decline since December 2023. Monthly prices rose 1%, showing market resilience even as they remain slightly below pre-pandemic averages of 1.9%.

Demand surged 9.9% year-on-year on Auto Trader’s platform, while supply fell -5.6%, driving cars to sell faster, averaging 29 days on the forecourt - three days quicker than last year.

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