12:40 pm, July 3, 2023
The average price of a used car dipped last month as dealers continued to battle ongoing stock issues.
That is according to fresh data from eBay Motors group which found that stock levels dipped three per cent month-on-month in June.
The figures, collated as part of eBay’s latest Market View analysis, looked at trends seen across Motors.co.uk in the sixth month of the year.
Experts found that dealers averaged a stock level of 54 units last month, compared to 55 in May. That also represented a year-on-year drop of six per cent
The pinch was felt by both franchised and independent dealers’ with stocks dropping to 70 and 38 units respectively. There was some good news for car supermarkets though, which saw a welcome rise of six per cent to 388 units.
When it came to powertrains, EV stock levels dropped by four per cent and hybrids by seven per cent.
Meanwhile, petrol vehicle increased by seven per cent, accounting for 52 per cent of all used cars being sold on Motors.co.uk. Diesel also increased its share by three per cent, taking a 38 per cent stake in the market.
Overall, the average price of a used car in June dipped by £150 (one per cent) to £18,283 but that was still up £1,671 on the same point last year.
Pricing analysis by fuel type shows some welcome stability for EVs which increased by per cent to £30,341, after plummeting values in the year to date.
The findings come after Car Dealer reported the firm’s findings that average days to sell dropped drastically for used cars on Motors.co.uk last month.
Lucy Tugby, marketing director of eBay Motors Group, said: ‘After the disruption of May’s bank holidays, June’s market saw some welcome stability for dealers with supply and demand fairly well balanced, as witnessed by cars selling faster than at any time since October 2021.
‘In light of the ongoing economic pressures and June’s interest rate rise, used car buyers are more focused than ever on their monthly budgets.
‘We know from our conversations with dealers that de-risking purchases remains a key part of the buying process which is why PCPs remain popular.
‘Buyers value the peace of mind of fixed monthly outgoings and avoiding nasty surprises with warranties.’
