Used car prices steady but EV demand grows
Average used car prices were recorded at £17,131 in August, according to the latest Auto Trader Retail Price Index.
This represents a marginal year-on-year decline of 0.1% and a monthly fall of 0.4%.
Meanwhile, used cars sold in an average of 30 days, which was one day faster than in July.
Auto Trader data also revealed that sales volume growth was reported across franchise, independent and supermarket retailers.
Electric vehicles were the standout performer by fuel type, recording a third consecutive month of annual price growth. Used EV like-for-like values rose 3.8% year-on-year and 0.5% month-on-month to £25,095, with performance especially strong among three–to-five year-old electric cars, where like-for-like prices rose 9.4% and 1.4%.
Marc Palmer, Auto Trader head of strategy and insights, said: “August’s data points to a used car market with real underlying momentum. Prices remain stable, cars are selling quickly, and transaction volumes are growing across franchise, independent and supermarket retailers for the first time this year.
“That combination should give retailers real confidence that demand remains strong, and critically, that current retail price levels are continuing to convert into sales.”
