Used car prices keep climbing

The average price of a used car in the UK increased 11.2 per cent in September, when compared with the same month a year ago.

Data from Auto Trader shows it is the 30th month of consecutive price growth. Consumers paid an average of £17,409 for a used car last month, which represented a £370 increase from August of this year.

The figures, which are based on daily pricing analysis of about 1.3 million vehicles, also show average prices have climbed 35 per cent in the past two years

Demand remains strong in the UK market with the volume of advert views on the Auto Trader marketplace up 17 per cent in September compared to pre-pandemic levels. 

The number of days to sell a used car in September averaged 26, two days fewer than in August and the lowest level since October 2021 when it was 24 days.

Auto Trader says the robust level of consumer demand combined with ongoing supply challenges is continuing to drive used car price growth.

Sue Robinson, chief executive of the UK’s National Franchised Dealers Association (NFDA), adds September was a positive month in the used car market with average prices increasing year-on-year. 

“The continued consumer demand and increasing values highlights a stable market, which is positive going into the closing months of the year,” explains Robinson, pictured. 

“There are cautious headwinds to look out for with the broader economic climate, but NFDA is confident this will not have an immediate impact on the used car market.”