Used car prices continue to set records as the average price topped nearly £18k last week

The average price of a used car increased by 18.6 percent year-on-year last week, new figures show.

The latest Auto Trader data reveals that the average used car advertised on the platform during the week commencing Sept 6th was £17,754 or 1.2 percent higher than the week before.

Consumer demand is still driving the prices of used cars, says the firm, as its Market Insight tool, was up 22.5 percent last week, when compared to the same period in 2019.

Last week, it took an average of 24 days for stock to leave forecourts, which is an 11 percent increased on the August average of 27 days.

Supply is also driving up the prices of used cars, supply levels were down 13.3 percent last week compared to the same week in 2019.

The price of nearly new stock ( Aged up to 12 months ) is currently more than their brand-new equivalents. However, a handful of brands:-

• Mercedes-benz – 29 per cent
• Peugeot – 24 per cent
• Lexus – 22 per cent
• Dacia – 21 per cent
• Citroen – 20 per cent

Over 20 percent of the above brand’s nearly-new stock is currently priced above new, while Land Rover and Subaru have 30 percent.

Auto Trader’s data and insights director, Richard Walker, said: ‘After months of continued acceleration, we’re seeing yet another record set for price growth rates fuelled by the unprecedented levels of consumer demand in the market.

‘And whilst inflation, tax rises and the end of furlough do present potential future risks, there are several factors which give us confidence, not least the growth in motor transport levels, solid household finances, consumer confidence, and the increased appetite for car ownership seen in particular by the increasing mix of younger car buyers.

‘This, coupled with the ongoing supply challenges in both new and used cars, means that we don’t see any reason for this growth to ease significantly anytime soon.’

Auto Trader added it is seeing fewer retailers adjusting prices on fewer vehicles. The company said that of the 2,225 retailers who made daily price adjustments last week, the average price adjustment was an increase of £39.

This time two years ago, retailers were making an average reduction of £334. On average, franchise retailers increased prices across their forecourts by £81 last week, whilst independent retailers increased by an average of £15.

Used Car Price Increased w/c Sept 6

Used Car Price Decreases w/c Sept 6