Uses prices surge through July
July saw the largest monthly increase in used cars prices since August 2018, with the average sticker price of a used car last month rising to £13,888.
This marks a 4.6% year-on-year increase on a like-for-like basis, and the fourth consecutive month of price growth.
According to the latest data from Auto Trader’s Retail Price Index, the rise reflects the strong level of demand in the market In July, there were a record 64.4 million cross platform visits.
The growth in prices is being driven by the strong performance of used internal combustion engine (ICE) vehicles, especially petrol, which last month saw average prices increase 5.6% (£12,604), marking the highest rate of growth since October 2018. Diesel recorded a similarly strong performance, with average prices increasing 4.1% (£14,705), the highest rate of growth since September 2014.
