Used car prices remain resilient in August

Used car prices remained stable in August, falling just 0.1% on month-on-month basis.

According to Auto Trader, average used car prices held firm at £16,316, with consumer demand up 7.3% on the same month last year and 2.5% higher than July.

Meanwhile, used cars were sold in just 28 days last month, which is one day faster than in July and three days faster than in August last year.

Consumer demand for used petrol cars rose 7.4% with average prices recorded at £14,681.

However, demand for used electric vehicles (EV) rocketed 49% year-on-year, with average prices at £26,736. On a granular level, demand for used EVs in the three to five-year bracket were up 132.3%, selling on average in just 22 days.

Used car prices

Richard Walker, Auto Trader’s data and insights director, said:

“We’re well into the second half of the year now, and it’s very reassuring to see the used car market continue to maintain its momentum. Demand remains robust, and cars are selling at pace, and so our outlook for the closing months of 2024 remains very positive. As ever the market is incredibly nuanced, and so whilst at a high level it’s performing well, a deep dive into the data really does reveal some very strong pockets of profit potential.”

Sue Robinson, chief executive of the National Franchised Dealers Association (NFDA), added:

“As summer draws to a close, the underlying health of the used car market continues to show positive signs with robust consumer demand and used cars selling faster than when compared to August last year.”