The average price of a used car in September 2024 was £16,450. Credit: Mikbiz / Shutterstock.
The latest insights from the Auto Trader’s Retail Price Index indicate that the used car market is entering the final quarter with stronger average prices than seasonal norms.
Despite a slight month-on-month dip of 0.3%, the average price of a used car in September 2024 was £16,450 ($21,638), down -0.3% month-on-month (MoM), stronger than seasonal norms.
This resilience is attributed to sustained consumer demand coupled with ongoing supply constraints.
Last month, stock levels were down by 5.4%, though demand on Auto Trader’s platform rose for the third consecutive month, showing an 8% year-on-year (YoY) increase.
The strong demand and rapid sales pace have led to a buoyant retail market.
Used car sales in September saw an approximately 5% increase compared to the same period last year, contributing to a 3.9% year-to-date rise.
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Despite the opportunity for retailers to price confidently, around 8,800 retailers are advertising around 60,000 cars below their market average, potentially eroding £31m in the collective margin.
While sales for new electric vehicles (EVs) are struggling, the used EV sector is succeeding, with demand up 50% YoY and cars selling in an average of 26 days.
Prices are holding steady, with only a 0.1% decrease month-on-month. The market for 3-5-year-old electric cars is particularly dynamic, with demand surging by approximately 110% in September and prices rising by 1.6%, the most significant increase in any segment.
However, nearly new electric models, which are less than a year old, are facing challenges. Priced almost £7,000 higher than their older counterparts and with new EVs attracting an average discount of 11%, these nearly new models are taking longer to sell, averaging 43 days on the market.
Auto Trader data and insights director Richard Walker said: “2024 has been consistently strong and as we enter the closing months of the year, it’s very reassuring to see no indication of that trend softening.
“Despite similar conditions this time last year, we saw many retailers adjust their retail prices in line with trends in the wholesale market, which resulted in a huge loss of margin potential.
“Whilst the used car market is buoyant, we know margins are becoming increasingly challenging to maintain, so I’d strongly urge retailers to listen to the retail data, and not unnecessarily lose out on profit potential available.”
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