Used car prices have increased for the eighth month in a row but growth eased marginally in November.
The average price of a used car was £14,041 in November, according to the latest data from Auto Trader, up 8.5 per cent year-on-year compared to 8.6 per cent in October.
Auto Trader also saw traffic to its website increase, up 14.4 per cent with 52.9m visits, compared to the same month in 2019.
Despite showrooms in England returning to lockdown in November, and customers only being allowed to buy online before collecting in store or arranging home delivery, Auto Trader claims demand remained high with advert views up 8.9 per cent and leads up 20 per cent year-on-year.
It also saw less car dealers making price changes, 12 per cent less than November 2019 and the average daily reduction was £293.
Auto Trader’s director of data and insight Richard Walker said: ‘Despite thousands of retailers across the UK either having to close their forecourts or facing tighter restrictions, used car prices remain exceptionally strong, which even under normal trading conditions would be impressive.
‘It’s particularly reassuring to see retailers hold firm with their pricing, reflecting a strong degree of confidence in the health of the market.
‘We share retailers’ confidence and believe the outlook for the months ahead is positive. We’re continuing to see significant levels of consumer demand, in part driven by the growing aversion to public transport.’