Motors reports buyers focusing on essential purchases, driving demand for older cars

Advertised used car prices and dealer stock levels dipped as buyers concentrated on older essential purchase vehicles, according to Motors’ Market View for June.

The average price of used cars dropped by £222 (-1.3%) month-on-month (MoM) from £17,390 to £17,168, translating to a year-on-year (YoY) decrease of -7.3% (£1,343). This decline was primarily driven by franchised dealers, whose prices slid -4% (£970) from £24,067 to £23,097.

In the first half of the year, prices have fallen 1.8% from £17,475 in January. The most significant price drops were observed in both older and newer cars. Vehicles over 10 years old decreased by 2.3% (£165) from £7,060 to £6,895, a YoY drop of 3.1%.