Auto Trader has said that January’s 7.4% rise in used car values has given it “confidence we’ll see a quick return to health” as COVID-19 ‘Lockdown 3’ restrictions start to ease.
Car retailers have once again been urged to “hold firm” with their used vehicle pricing as the UK returns to COVID-19 lockdown this week.
Average used car prices on Auto Trader have increased for the fifth consecutive month to £13,705, up by 6.1% in August year-on-year.
Used car prices showed their largest monthly price rise for two years on Auto Trader during July, with values rising 4.6% amid signs that consumer demand is continuing to grow.
Auto Trader's data scientists have noted the largest monthly growth in used car prices since January 2019 during June as motor retailers in England reopened their showrooms.
Car dealers have resisted the temptation to “slash prices” during COVID-19 lockdown according to Auto Trader data which showed an 1.9% year-on-year increase in May.
Auto Trader has urged used car dealers to resist the temptation to reduce the values of their vehicles to retain hope that the market will “pick up where we left off” after the COVID-19 coronavirus crisis.
An increase of 167% in the number of used electric vehicles (EV) entering the UK market in December failed to meet consumer demand, according to Auto Trader – with values remaining high.
An influx of SUVs and premium vehicles into the used car sector has helped to mitigate a 3.5% decline in values year-on-year, according to Auto Trader’s monthly Retail Price Index.
Used electric vehicle (EV) values continued to rise as consumers warmed to electrification during October as petrol powered cars faltered and diesel vehicles showed signs of growing demand, according to the Auto Trader Retail Price Index.
The value of a used electric vehicle (EV) rose by an average of 30.4% in August as year-on-year like for like values in the wider market declined by 1.3%, according to Auto Trader.
Car buyers searching for a used electric vehicles (EVs) are being "pushed out" of the market by prices after average values rose by 11% to £23,361 during April, Auto Trader’s Retail Price Index has revealed.
Online searches for diesel vehicles on Auto Trader declined to just 42% in February following a “precipitous” decline in popularity for the fuel type over the past two years.
Auto Trader’s Retail Price Index has shown that diesel was “constantly the fastest selling fuel type” for used cars in 2018, as diesel values remain resilient.
The growth in used car retail prices reached its lowest point since August 2017 as online enquiries reflected a surge in interest in electric vehicles (EVs) and hybrid vehicles, according to the Auto Trader Retail Price Index.
Auto Trader has reported that the average price of a used car offered for sales on a dealer forecourt reached a record high of £12,853 during September.
The average price of a used car offered for sale on Auto Trader declined by 1% during August as interest in electric and hybrid cars grew, the online retail platform has revealed.
Premium car brands saw slower price growth in the used car sector during July as the effects of an “aggressive” battle for market share began to take hold, Auto Trader has suggested.
Used car prices on Auto Trader declined by 0.7% in May as the number of online searches for diesel-fuelled cars dipped below 50% for the first time.
Diesel-powered used cars have risen 5% in value on Auto Trader during April, despite the proportion of online searches for diesel falling to an record low.
