Used car values buck seasonal trend
Average used car values rose to £16,915 in March, a 0.1% month-on-month increase.
While the rise is marginal, it compares to a typical contraction of 0.4% in March, according to analysis from Auto Trader.
Meanwhile, used car supply rose 5.7% in the month, which dampened a further hike in used car values.
Supply of used electric vehicles surged by 54.7% year-on-year, outpacing EV demand growth of 35.9% year-on-year. As such, average prices reduced by 1.6% in the month to £25,190.
Auto Trader also found that used cars sold in an average of 25 days, with petrol cars leaving forecourts in 24 days.
Richard Walker, Auto Trader’s data & insight director, said:
“March’s data reinforces the ongoing evolution of the used car market. While price confidence among retailers is growing, the market remains dynamic, particularly with the influx of used EVs.”
