Used car prices surged in August, defying seasonal trends in Olympics year

Retail prices for used cars exceeded seasonal expectations in August, driven by robust consumer demand in the market, according to the latest data from Auto Trader.

Despite Olympic fever sweeping the nation in a month that is typically slow, interest in used cars remained high, with transactions increasing by approximately 3% year-on-year.

At an average of £16,316, prices decreased, albeit marginally by -0.1% on a month-on-month (MoM), and like-for-like basis, much ahead of the -0.8% drop recorded in August last year, and the -0.4% in 2019.