Used car values continued to grow on a year-on-year basis in July, although the rate of growth is softening.
The average retail price of a used car has grown for the 27th consecutive month, reaching £17,252 in June, up 41.5% on June 2019.
Auto Trader has urged car retailers not to “jump to rash conclusions about the health of the market” after car price rises eased in May with the prospect of tough times ahead for car buying consumers.
Auto Trader has struck-up a new partnership with the Office for National Statistics (ONS) which will see the used car marketplaces data become an official economic barometer for the authority.
Auto Trader director of data and insights Richard Walker has stated that suggestions of tumbling used car prices “unfounded” – but conceded that demand is softening.
Auto Trader has reported that used cars are selling at record speeds, despite a continuation of year-on-year value increases.
BCA has suggested that high used car valuations could prove a “safety net” for car retailers as Russia’s invasion of the Ukraine compound cost of living concerns to impact consumer confidence.
More than one-in-five nearly new used cars advertised via Auto Trader are now priced above their brand-new equivalents after a further 31.3% year-on-year rise in values during January.
Auto Trader has predicted “continued strong price growth” in the used car sector following a 30.5% surge in values during December.
Government’s ‘Plan B’ to mitigate against the approaching “tidal wave” of cases of the Omicron variant of COVID-19 have done little to dampen rising used car values, according to Auto Trader.
MPVs continued to star in Auto Trader’s top ten ranking of the used car market’s most appreciating vehicles, with the Seat Alhambra emerging as number one in November.
An 80th consecutive week of increasing used car values and the highest level of UK inflation for a decade is unlikely to temper consumers’ appetite to buy a new vehicle, Auto Trader has said.
Auto Trader has reported that the average price of a used car has risen by £3,000 since May as the imbalance of consumer demand and vehicle supply shows no sign of abating.
The Hyundai i30 and Mitsubishi Shogun have been listed among Auto Trader’s ranking of the used cars that delivered the biggest retail value increases in September.
Competition for used car stock continued to grow as used car retail values rose 21.4% in September to reach a new record high after 18 consecutive months of appreciation.
Strong levels of consumer demand in the market is continuing to drive used car price growth on Auto Trader, according to its latest data.
An 11.1% June uptick in used car prices on Auto Trader suggests that dealers have been making efforts to realign their advertising to accommodate recent months’ wholesale price surge.
A ‘record’ 73 million visits on Auto Trader in May was accompanied by an 8.1% year-on-year (YoY) increase in the average price of a used car.
A 36% April surge in online traffic from used car buyers was accompanied by a 7.1% year-on-year rise in advertised vehicle values on Auto Trader.
Auto Trader has said it expects the UK’s car retail sector to deliver a “fast return to health” after seeing a 12th consecutive month of rising used car prices and record online engagement from buyers in March.
