10:28 am, September 27, 2024
The average price of a used car has risen to £17,445 this month, according to fresh data from Motors.
The firm has today published its latest Market Insight report, which has found a monthly price rise of just £95 in the average cost of a car on its platform.
Experts say the result ‘reflects the pricing stability which has been evident throughout the year’ but the data did include some notable variations.
When looking at the results by location, cars in London rose by 3% compared to August to reach an average of £24,441. There were also smaller increases in other Southern areas.
On the flip side, the north east of England saw a 14% year-on-year drop to £15,190 – which was also down 1% on August. The north-west, East Anglia and south-west also drops on both a month-on-month and year-on-year basis.
The lowest average price to buy a used car was Wales, where Motors found an average price of £14,044.
Looking at the data by fuel type, EVs rose in price by an average of £408 in just a month to reach £28,180 – the third consecutive monthly rise, despite tracking 14% lower than last September.
Prices for hybrids dipped 1% (£180) to £25,546, while petrol (£16,662) and diesel (£14,937) remained on a par with August.
Motors’s data also revealed that most views were for used cars in the £5,000 to £10,000 and £10,000 to £15,000 price brackets with online views across the board up 10% on last month.
Stock volumes across all retailing sectors for the month remained stable at 51 units, compared to 52 in August, and unchanged year-on-year.
Franchised dealer stock levels dipped from 60 unit in August to 58 units in September, with part-exchanges generated from the new 74-plate expected to boost inventories in October.
Independents remained unchanged at 38 units, in line with their overall average over the last nine months.
Days to sell for the month averaged 29, one more than August but outpacing the 33 days recorded last September. The fastest sales were achieved by franchised dealers (19 days), followed by car supermarkets (20 days) and independents (53 days).
Reacting to the findings, Lucy Tugby, marketing director of Motors, said: ‘September’s Market View shows another month of stability across used car pricing, stock levels and days to sell, all positive trends for dealers against a backdrop of economic uncertainty and consumer hesitancy ahead of next month’s Budget.
‘Buyers were busy online as searches on Motors hit a new high for the year, with increases across all retail segments.
‘Car supermarkets made the most of the activity, demonstrating efficiency by achieving the fastest sales while maintaining leaner inventories.
‘The regional variations in prices tracked by Market View underscores the importance of reviewing them on a daily and local basis to maintain a competitive advantage.’
