No crash in sight as used car values continue to accelerate
8th September 2022, London – Contrary to the recent suggestion of an imminent crash in used car prices, the latest data from Auto Trader’s Retail Price Index, shows that the average value of a used car is continuing to increase, with no slowdown in sight. In fact, over the last two years, motorists will have seen the value of their car surge over £3,300, and when compared to pre-pandemic August 2019, a whopping £4,000. In the last 12 months alone, average values are up 15.6% on a like-for-like basis, marking the 29th month of consecutive growth.
Auto Trader is the UK’s largest automotive marketplace, and its valuations data is based on daily pricing analysis of circa 900,000 vehicles, making it the largest and most accurate view of the retail market. As of January 2023, its data will be used by the Office for National Statistics to feed its measures of inflation, including the Consumer Prices Index.
The huge growth in used car values has been fuelled by the levels of consumer demand in the market outpacing the levels of supply. This was heightened even further last year by the massive surge in competition for second-hand car stock due to the shortage of new cars. Highlighting the current health of the used car market, the volume of advert views on the Auto Trader marketplace are up 16% on pre-pandemic levels, whilst consumers spent an average of 588 million minutes on its platform last month looking to buy or sell their next car, generating over 63 million cross platform visits.
Record value on your driveway
Given the recent acceleration in values, motorists might be surprised at just how much the car sat on their driveway could be worth today, regardless of its age – in fact, depending on when it was bought, it may be worth more than it was originally paid for. For example, looking at those used cars recording the largest price growth last month, the Peugeot 107 saw a massive 43.2% year-on-year price increase. Other popular models such as the Fiat Punto; Renault Scenic; Toyota Prius and Nissan Note also sit high on Auto Trader’s top 10 list, recording an annual increase in value of over 30%.
Erin Baker, Editorial Director at Auto Trader commented: “There’s been lots of speculation recently that has suggested that the used car market is in steep decline, and that prices are on the verge of crashing. Our marketplace data tells a completely different story with used car values continuing to record growth.
“For the millions of car owners in the UK, this ongoing surge in values means the car sat on their driveway could be worth considerably more than they think, and in many cases, more than they originally paid for it. The robust levels of consumer demand in the market, combined with the ongoing challenges in supply, means that not only will used car values remain strong for the foreseeable future, but consumers are in a very strong position to get the best price when selling or part-exchanging their car.”
Motorists can see how much their car is worth for free on Auto Trader, by visiting https://www.autotrader.co.uk/cars/valuation
Top 10 price growth (all fuel types) | August 2022 vs August 2021 like-for-like
|
Ranks |
Make |
Model |
Aug-22 Average Asking Price |
Price Change (YoY) |
|
|
1 |
Peugeot |
107 |
£3,652 |
43.2% |
|
|
2 |
Fiat |
Punto |
£4,802 |
39.5% |
|
|
3 |
Renault |
Scenic |
£7,501 |
38.5% |
|
|
4 |
Toyota |
Prius |
£15,388 |
38.0% |
|
|
5 |
Nissan |
Note |
£5,668 |
37.9% |
|
|
6 |
Hyundai |
ix20 |
£9,423 |
36.1% |
|
|
7 |
Toyota |
Avensis |
£8,122 |
34.7% |
|
|
8 |
Kia |
Picanto |
£8,909 |
33.2% |
|
|
9 |
Peugeot |
308 |
£11,097 |
32.8% |
|
|
10 |
Renault |
Twingo |
£4,854 |
32.7% |
|
Top 10 price contraction (all fuel types) | August 2022 vs August 2021 like-for-like
|
Rank |
Make |
Model |
Aug-22 Average Asking Price |
Price Change |
|
|
10 |
Audi |
SQ5 |
£34,325 |
-4.4% |
|
|
9 |
Mazda |
CX-30 |
£23,204 |
-4.6% |
|
|
8 |
Land Rover |
Discovery 4 |
£20,085 |
-5.1% |
|
|
7 |
Mercedes-Benz |
SLC |
£23,731 |
-5.3% |
|
|
6 |
DS AUTOMOBILES |
DS 7 CROSSBACK |
£25,991 |
-5.8% |
|
|
5 |
Mazda |
MX-5 RF |
£19,410 |
-6.1% |
|
|
4 |
BMW |
8 Series |
£53,206 |
-7.4% |
|
|
3 |
Land Rover |
Discovery 3 |
£7,472 |
-10.2% |
|
|
2 |
MINI |
Roadster |
£8,494 |
-10.5% |
|
|
1 |
Jaguar |
XK |
£22,366 |
-12.0% |
|
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