7:56 am, December 5, 2022
Used car prices rose by two per cent in November despite signs of a seasonal lack of demand, new data from eBay Motors Group has suggested.
The firm’s market view analysis for November found that the average advertised price of used cars reached £17,610 in the 11th month of the year.
The month-on-month (MoM) rise, the fourth in a row, was mostly driven by cars aged under two years which increased by three per cent to £35,425 – a 19 per cent rise on the same time last year.
Among the retailers to see the biggest rises were car supermarkets, which experienced a two per cent price hike to see the average cost of a used car reach £18,204.
Meanwhile, there was a 1.5 per cent rise among franchised dealers, which sold used cars at an average price of £23,032 in November.
eBay Motors Group’s online marketplace, Motors.co.uk, dipped by one per cent throughout the month, but was still 16 per cent higher than November 2020.
Elsewhere, there were signs that of a seasonal easing of demand, with days to sell rising to 39, compared to 38 in October, and 37 at the same point last year.
The fastest sales were achieved by car supermarkets at 29 days and franchised dealers at 32 days, with independents averaging 48 days.
An EV was the fastest selling used car of the month with Volkswagen’s e-Up spending just 10.5 days on dealer forecourts, followed by the Ford Galaxy (11 days) and Vauxhall Mokka X (14 days). EVs and hybrids made up four of the month’s top 10 fastest sellers.
Lucy Tugby, marketing director of eBay Motors Group, said: ‘Despite turbulence in the wider economy, with rising inflation, energy costs and the prospect of a looming recession, the used car market remained remarkably stable in November.
‘We believe the easing of consumer demand has more to do with seasonal trends than the impact of the cost of living crisis as days to sell remained stable.
‘However, dealers should be aware of risks around affordability, as our data shows that consumers are increasingly looking at older vehicles to offset the rising cost of cars and reduced disposable income.’
