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%.

Cars under two years old saw a -1.4% (£444) decrease from £31,134 to £30,690, down -4.2% YoY. Prices for cars aged two to five years steadied with a slight -0.5% (£104) MoM dip to £19,296, although this age group experienced the highest YoY fall at -9%.

Dealer stock levels decreased from 54 to 51 units MoM and from 55 units a year ago.