Used car retail prices demonstrated sustained stability in October, according to Autotrader’s latest Retail Price Index (RPI).
The average asking price of a used car was £17,321. Whilst prices fell 1.8% YoY, compared with 1.0% in September, continued stock turnover and areas of growth highlight the used car market’s resilience.
Marc Palmer, head of strategy and insights at Autotrader, said: “The used car market has repeatedly shown its resilience through economic uncertainty. Household pressures can change when people replace their cars or what they choose, but they don’t remove the underlying need for personal transport.
“The usual seasonal easing shouldn’t be mistaken for a market running out of steam: buyers remain active, and there are good reasons for retailers to approach the final months of the year with confidence.
“For retailers, that means pricing from the retail market back, rather than from the trade market up. Where retail demand supports the price, softer wholesale values can create an opportunity to buy well and protect margin, not an automatic reason to reduce forecourt prices.
“The key is to respond to the evidence on each car, rather than let uncertainty in the headlines drive reductions that aren’t needed.”
Cars took an average of just 29 days to sell, unchanged on October last year and one day faster than September.
Electric cars recorded their sixth consecutive month of positive like-for-like price growth, rising 2.8% YoY, to an average of £25,263. Electric remains the only fuel category to record annual growth.
Electric prices also increased 1.3% MoM while petrol prices softened 1.9% YoY (£14,589). Pricing was supported by demand growth of 38.1% YoY, ahead of the 11.5% increase in supply.
EVs were also the fastest-selling fuel type (an average of 25 days), four days faster than September and four days quicker than petrol cars which were followed by diesel cars (33 days).
Cars aged 10–15 years recorded like-for-like annual price growth of 4.6% (£7,290), alongside a 1.5% monthly increase. Prices for cars over 15 years old rose 3.0% YoY (£5,294).
