11:01 am, December 12, 2024
Used car dealers faced price corrections across the UK in November, but London and the south east faced the biggest drops in average used car values.
Those in London saw prices drop on average 4.3% month-on-month from £24,043 to £23,014, according to the latest Motors Market View report.
The second biggest drop was in the south east, falling by 1.7% on average from £18,077 to £17,776.
This was the second month in a row prices fell in the south east, following seven rises since January, peaking at £24,500 in September. However, despite this, November was up 4.9% compared to the same month in 2023.
East Anglia also saw prices drop 0.9% and the south west was down on average 0.8%.
However, those further north didn’t experience this with average used car prices in Scotland up 2.6% from £17,694 to £18,149.
The north east also saw prices climbing, up an average of 2.1% in November from £15,923 to £16,253 – although this was down 5.5% year-on-year.
Wales continued to be the region with the cheapest cars but prices also increased 0.7% while it was also ahead 3.7% compared to November 2023.
Motors marketing director Lucy Tugby said: ‘November was a month of small but notable used car price corrections across the UK with London and the south-east trending downwards but most regions seeing uplifts above the national average rise of 0.2%.
‘Following the upward price movements that followed the pandemic, the market continues to reset with drops mostly across the more expensive regions.
‘For dealers this highlights the importance of pricing vehicles as keenly as possible and monitoring national and regional prices because buyers will shop around online for savings, even if it means purchasing outside their local area.’
