Used car prices soar AGAIN - Prices now up 5.1% this year

The price of a used car has risen in November, with average prices up by £300 in this month alone.

In 2022, the cost has risen by 5.1% but the rate of increase is slowing, according to data from Auto Trader.

The online used car marketplace collected data from nearly a million adverts on its platform.

The price of a used car has risen in November, with average prices up by £300 in this month alone.
Liam McBurney

The online used car marketplace collected data from nearly a million adverts on its platform.

The used car market is still going strong despite the cost-of-living crisis causing financial problems for many people across the country. Supply of used cars is also an issue, with demand outweighing the availability.

Auto Trader say their data “highlights stability” in the used car market.

They say: “On a year-on-year (YoY) and like-for-like basis, average prices this month are up 5.1 per cent on November 2021, during which prices were up a massive 29 per cent on November 2020.

“The stability in prices is due to the ongoing demand and supply dynamics in the market.

“Although consumer demand is softening against last year’s record highs, levels remain comparatively robust, which coupled with the ongoing squeeze in both new and used car supply, is keeping prices buoyant.

“In addition, there are no imminent signs of significantly higher levels of supply coming into the market to upset those dynamics in the near term.”

The price of a used car has risen in November, with average prices up by £300 in this month alone.
Liam McBurney

The cost-of-living crisis hasn’t dampened car buying plans. After surveying its buyers, Auto Trader said: “‘Out of circa 2,000 car buyers, 42 per cent intend to purchase within the next two weeks, which is up from 40 per cent in September, whilst nearly a quarter (24 per cent) intend to purchase within the next three months.”

They added that cars, for many, are a “fundamental need.”