Used car prices rise for 98th week

The average price of a used car on grew 28.5% last week on a year-on-year (YoY) and like-for-like basis, according to data from Auto Trader.

This represented the 98th week of consecutive price growth.

Despite current inflation rates, the latest consumer research conducted by Auto Trader suggests consumer confidence in affordability remains strong. It found that nearly half of those surveyed were more confident in being able to afford their next car than they were last year, while a third (32%) said they believe car ownership is more important today than it was pre-Covid-19, which is a marked increase on the 25% recorded in February 2021, when the country was still under strict restrictions.

Auto Trader’s data and insights director Richard Walker said: Given the headlines over recent weeks, a slight softening in what has been a long period of exceptionally strong consumer demand is to be expected. However, it is not an indication of a market in reverse and anyone anticipating a sudden drop in prices will be disappointed. Despite the potential headwinds, demand remains buoyant, which combined with the ongoing pressures on new and used car supply, which the current conflict in Ukraine may constrain even further, will ensure used car prices remain high for some time to come.”