8:45 am, December 9, 2024
The average price of a used car fell slightly last month to £16,492 but the market remains in line with ‘historic norms’.
That is according to fresh data from Auto Trader, which has published its latest Retail Price Index for the month of November.
The figures, which assess over 800,000 daily pricing observations, found that the average price of a used car fell by 0.6% in the 11th month of the year.
Experts say the figure is to be expected at this time of year and reflecting ‘robust retail demand’ as 2024 draws to a close. This was also highlighted by the fact that Auto Trader has now received a whopping 975m views in the past 12 months.
In more good news for dealers, Auto Trader’s data found that, on average, cars are selling two days quicker than at the same point last year – taking 31 days to leave forecourts.
Electric vehicles sold even more quickly last month, at 28 days, with three-to-five-year-old EVs selling within 22 days on average.
However, the automotive giant once again warned its retail partners about the importance of correctly pricing their stock, with an estimated £26.5m in potential profit being missed due to under-pricing cars last month.
On the subject of price, the November figures showed the average price of a used petrol car down 4.7% at £14,710, diesels down 5.8% at £14,077 and electric vehicles priced 11.7% lower at £26,390.
The typical plug-in hybrid has decreased in value by 10.5% year-on-year and ended the month at £30,598.
Commenting on the results, Richard Walker, Auto Trader’s 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 are 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.’
