Used car prices are on the up – again
21 March 2023
Used car price growth has started to accelerate again, after 10 months of softening from April 2022’s all-time high of 32.9% growth. Auto Trader data shared exclusively with Auto Retail Agenda shows the average used car value is up 2.3% year-on-year and 0.7% month-on-month. The average used car price is now £17,720.
The acceleration “could not be a clearer barometer of the current condition of the market,” said director of data and insights Richard Walker, which “is going from strength to strength this year.
“Anyone predicting a fall in used car prices anytime soon will be sorely disappointed.”
Used car price growth would actually be better still – if it wasn’t being held back by EVs. Used prices are down 13.3% year-on-year – due to a huge overbalance of supply, which is up a staggering 261% year-on-year.
Some EVs have suffered significant softening of values as a result: one-year-old Tesla Model 3 prices have fallen £8k since September “and show no signs of slowing”.
However, contrary to some reports, stresses Auto Trader, customer interest in EVs is not collapsing, with demand up 47% year-on-year.
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