Used car prices down 0.6% – Auto Trader
Used car prices in the UK fell by 0.6% in November, according to the Auto Trader Retail Price Index.
It found average prices were £16,492 across the month.
When looking at different fuel types, the average cost of used petrol cars fell by 4.7% to £14,710, diesels were down by 5.8% to £14,077, and electric vehicles and hybrids dropped 11.7% and 10.5% to £26,390 and £30,598 respectively.
Meanwhile, demand remained strong with used vehicles selling two days faster compared to the same month in 2023, with electric vehicles finding new buyers in just 28 days.
However, Auto Trader data also revealed that dealers are missing out on up to £26.5m in missed potential profit due to under-pricing the most in-demand models.
Used car prices
Richard Walker, data & insights director, said: “November is continuing the trend of a strong finish to 2024. Last year many retailers followed the wholesale market in dropping prices sharply with a strong and somewhat unnecessary impact on retail values and profits. But buying confidence as well as retail pricing have steadied this year, as shown by the more typical price movements we’re reporting in recent months.
“We’re still seeing a significant amount of profit being left on the table though and with January’s buyers already on their purchasing journey, it’s vital retailers follow the data, whether in sourcing the best vehicles for their market or in pricing and merchandising their cars to maximise their commercial opportunities.”
