Used-car prices continue to climb

Used-vehicle prices in the UK increased by 23.7 per cent in June when compared with the same period of 2021, marking the 27th month of consecutive year-on-year growth.

However, the rise does mark a softening in the rate of growth as it was down from 28.4 per cent in May and the record high of 32.2 per cent in April.

The figures from the Auto Trader Retail Price Index, which is based on daily pricing analysis of about 900,000 vehicles, also show average used car prices have increased £3,300 (about NZ$6,400) over the past two years from £13,949 in June 2020.

Auto Trader also reports the volume of used car enquiries being sent to retailers is up 67 per cent from pre-pandemic levels in June 2019.
Its latest analysis and consumer research also points to ongoing stability in the used car market.

Richard Walker, pictured, director of data and insights, says: “Although the huge growth in used car prices we’ve been tracking over the last few years may continue to soften over the coming months, there’s certainly no indication in current data that prices are set to tumble. 

“Despite the clear economic headwinds, we remain confident of continued consumer demand in the market, which coupled with ongoing supply challenges in both the new and used car market, prices will remain strong for the foreseeable future.”