9:04 am, November 23, 2021
Used car prices plateaued last week as the boom in values shows signs of slowing down, Auto Trader has reported
Data found that the average price of a used car sold via the platform reached £19,852 during the week beginning November 15.
The figure is a marginal rise of just 0.38 per cent compared to a week previous when the average stood at £19,776.
Throughout the year, there have been some huge rises in the average price of used cars but that does appear to be slowing as Christmas approaches.
However, last week was still the 81st in a row that average prices have gone up.
It also saw a year-on-year increase of 27.2 per cent compared to the same week in 2020.
In terms of models, last week saw some huge year-on-year rises, with the average asking price of a Land Rover Defender 90 increasing by 138.2 per cent to £79,364 in the past 12 months.
Other large hikes came from the Mercedes CLK which went up by 52.7 per cent to £8,438 and the Seat Alhambra which rose by 50.9 per cent to reach as average asking price of £18,741.
At the other end of the scale, the BMW 8 Series now has an average asking price of £61,564 – 5.2 per cent less than this time last year.
Richard Walker, Data and Insights Director, Auto Trader: ‘As we might expect for this time of year week-on-week growth is showing signs of easing.
‘However, year-on-year growth remains incredibly strong, with average prices on our marketplace increasing over 27 per cent on the same period last year.
‘Although we may continue to see some slight week-on-week softening as a result of typical season trends, for year-on-year growth to slow to the low single digit levels we saw pre-pandemic, supply and demand levels will need to even out.
‘From what we’re seeing in the market and the wider economy, we don’t expect that will be anytime soon.’
Overall, used cars were taking an average of 28 days to sell on Auto Trader at the end of last week (November 21).
