Used car prices hold firm in March
Used car prices are down 0.2% month-on-month and 0.4% in a year, according to the latest data from the Auto Trader Retail Price Index.
It found average used car prices levelled at £17,370 in March, with time-to-sale falling from 27 days in the same month last year to 25 days.
The data revealed strong demand for older vehicles, with those aged 10-15 years-old selling in 24 days on average despite average prices in this age category increasing by 9.7% on a like-for-like basis to £7,020.
In terms of fuel type, petrol continued to dominate used car sales with average prices recorded at £15,022 and sales times of 24 days, followed by diesel (£14,649 and 27 days) and electric vehicles (£22,945 and 30 days).
Turbulence
Marc Palmer, head of strategy and insights, said: “The wider retail landscape is undoubtedly facing turbulence right now, with rising energy prices understandably denting general consumer confidence. However, our data proves yet again that the used car market is incredibly resilient.
“People still need to get to work, run their families, and live their lives, making car ownership an absolute necessity.
“We’ve seen the market weather similar macro shocks over the years with remarkable stability, and the fact that consumer demand is consistent despite this global uncertainty highlights that buyer intent remains exceptionally strong.”
