Used car values fall again in November
Auto Trader data has found that average used car retail prices contracted 3.8% on a year-on-year in November.
This is the third consecutive month of falling prices, with a fall in retail prices among younger aged models pulling the overall figure down; cars aged below five-years-old recorded a six per cent drop in November,
Meanwhile, the average price of low emission vehicles was down 11.9% in the month, with EVs alone down 21.1%.
However, consumer demand remains strong with Auto Trader recording a nine per cent increase in November, following a 6.8% increase in October.
Director of data and insights Richard Walker, said: “As we’ve been reporting for some months now, retail prices remain robust across segments of the market, demand is increasing, and cars are selling quickly. I’d urge retailers therefore, not to give up potential opportunities based on trade data alone, which only show one side of the story. Car buyers aren’t aware of wholesale trends and are prepared to pay what they think is a fair price based on the retail market value, not what a retailer paid it for.”
