Second-hand cars price increasing

According to the latest results from the Auto Trader Retail Price Index the average price of a second-hand car in the UK has increased by 6% on the same period last year.

The Auto Trader Retail Price Index combines and analyses data from 500,000 trade used car listings every day, as well as additional dealer forecourt and website data ensuring the Index is an accurate reflection of the live retail market.

Karolina Edwards-Smajda, Auto Trader’s Retailer and Consumer Product Director, said, ‘Retailers will continue to face unprecedented challenges this year, not least the ongoing fuel debate and the influence of Brexit, which as our recent Market Report highlights, is affecting 61% of consumers’ buying and selling decisions.’

Auto Trader Retail Price Index also found that whilst new diesel registrations continue to fall, used diesels are in fact growing. With an average price of £14,400 in February, the cost of a second-hand diesel was up 3% on last year.

On average, 22% of all searches that take place on Auto Trader each month are based on fuel type. In February, the share of car buyers selecting diesel when searching on Auto Trader was 53%.

Furthermore, Auto Trader’s data revealed that seven of the top 10 fastest selling used cars in February were diesels. It was a similar picture in January, with four diesels making the national top 10 list, and at a more granular level, seven of the 13 UK regions and countries tracked featured a diesel as the fastest selling used car.