The growth in used car prices has accelerated since lockdown restrictions eased earlier in the month as supply of both new and used stock continues to impact values.
According to Auto Trader who carried out an analysis of more than 440,000 vehicles advertised, the average price of a used car increased 6.8% year-on-year on a like-for-like basis last week. This is an increase on the 5.7% increase the week earlier, and marks 53 weeks of consecutive price growth.
Director of data and insight at Auto Trade, Richard Walker, said:
“The levels of demand that we’ve been tracking this year have been incredibly strong, but the reopening of physical forecourts last month provided a substantial boost to demand and to used car prices. Such is the strength of the market, we’ve noticed that not only are retailers making significantly smaller price reductions to their stock than normal, but we’ve seen a dramatic acceleration in the number of those actually increasing their prices.”