The used car market has entered the second half of the year with a following wind, sustained by improving consumer confidence and favourable market conditions, according to Auto Trader’s latest Retail Price Index.
Average car prices continue to be pulled down by under-pricing of exceptionally high demand stock, fuelled by recent trends in wholesale values
The average retail price of a used car in November was 3.8% lower than a year previously, Auto Trader data shows, marking the third consecutive month of retail price decline.
The UK’s used car market is being held back by younger cars, with the average price of a car less than three years old (£29,699) contracting 3.5% year-on-year, according to the Auto Trader Retail Price Index.
Used car values continue to grow, though at a slower rate than previous months, according to the latest data from Auto Trader’s Retail Price Index.
While Auto Trader's Retail Price Index data reveals a slight softening in the growth of used car retail values this month, the used car buyer is still facing price rises the longer they wait.
Average used car prices increased by 3.2% in June to £17,756, rising at the fastest rate in eight months, according to the latest data from Auto Trader.
Auto Trader's Retail Price Index has shown that the average retail value of used cars has increased by 3.5% compared to last year's levels, which were already 24% higher than in 2021.
Used retail prices have increased by 3.6% year-on-year on a like-for-like basis, according to Auto Trader’s latest data.
The under-pricing of used car stock cost UK car dealers £25.5 million in missed retail opportunity in March alone as average values continued to rise, Auto Trader data shows.
Used car price growth accelerated to 2.3% year-on-year in a market that Auto Trader has asserted is in “robust health”.
Strong demand for used vehicles, compounded by ongoing supply restrictions in the new car market, have driven growth in retail prices across the board last month.
Auto Trader has diagnosed the used car retail sector with “robust health” after reporting a 0.7% rise in the average value of a vehicle during February trading.
The average price of a used car advertised for sale on Auto Traders has reached a new record high after car retailers started the new year with “real momentum”, it has been claimed.
The average price of a used vehicle advertised for sale on Auto Trader rose for the 33rd consecutive month in December – reaching £18,030.
Auto Trader expects used car values to rise in early 2023 after remaining flat in the traditionally weak festive trading period.
Used car values declined 0.4% month-on-month but remained 45% ahead of pre-pandemic “norm” during November, according to the latest data from Auto Trader.
Motorists’ continued appetite for car buying has delivered another 5.1% increase in the value of the average used vehicle advertised for sale on Auto Trader.
The average retail price of used cars advertised for sale via Auto Trader rose for a fourth consecutive month during October – rising £178 on September and a £548 on August to reach £17,587.
Used car prices rose by 2.17% on Auto Trader as new car supply constraints continued to drive a buoyant market in September.
