Auto Trader has seen the average price of used cars go up for the 80th consecutive week as the car values show little sign of stopping any time soon.
Official figures released by the online marketplace, revealed that average prices rose by an incredible 26.9 per cent last week, when compared to the same time last year. The prices have increased a four-fold in just six months, when the growth stood at 6.8 per cent.
The average price of a used car has now reached £19,776 with demand for a used car remaining extremely strong.
Auto Trader has also advised that the platform has seen visits top £14 million – which is a rise of 27 per cent on this time two years ago.
There has also been an increase in hours consumers spent researching their next car on its marketplace. (2.1m) This has increased by 14 per cent.
The increased demand was also highlighted on Auto Trader’s Market Insight tool, which was up 14 per cent last week when compared to 2019.
Last week it took an average of just 27 days for stock to leave forecourts. Although it’s a slight slow-down on the October average of 24.
Another factor in the surge in prices is the ongoing drop in levels of supply, which were down eight per cent last week versus 2019.
The shortage of microchips and other raw materials which is directly and dramatically impacting worldwide supply of new cars is having a significant knock-on effect on the remarketing supply of used cars.
Auto Trader is currently predicting that the market will record a total of circa 7.75m used car sales this year.