The average price of a used car in December was £16,649, down 0.6% MoM, compared with November. This year’s price movements are more in line with seasonal norms, says Auto Trader.
The decline in prices of younger cars is impacting the movement of prices overall. In turn, pricing is driving the increased speed of sale. In December, cars sold three days quicker than 2023, taking 33 days to leave forecourts, down from 36 in 2023.
Richard Walker, Auto Trader’s data & insights director, said: “There is plenty to be positive about as we enter 2025 with last year ending on the fastest selling December in years and consumer demand appearing resilient.
“There’s a trend towards more stable pricing, with year-on-year price drops softening, and so we’re seeing pockets in the market where there is missed margin opportunity. As hardening trade prices squeeze profit this will be even more important to address into 2025.
“The data shows that there is profit opportunity out there for those who use the right tools and information. To unlock success in 2025, ensure your pricing strategy optimises for speed of turn with margin maximisation as a priority.”
YoY pricing was down 4.1% in December which is the smallest YoY drop seen throughout 2024. The average price of a used petrol car was down 3.2% YoY at £14,782, diesels (4.1% YoY at £14,087) and EVs (priced 10.6% lower YoY at £26,139).
EVs were the fastest selling fuel type at 28 days, with three-to-five-year-old EVs selling within 24 days on average, followed by diesels (32 days) and petrol (33 days).
The 2025 outlook is positive as Auto Trader’s forecasts, published last year, are expected to rise from around 7.61m sales this year to around 7.70m in 2025.
