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15 August 22 Press releases

Used car values accelerate into the black for the first time

 

Auto Trader’s Retail Price Index shows a massive increase in used car values over the course of the pandemic

The average price of a used car has rocketed by £3,3001 in just two years according to Auto Trader, the UK’s largest automotive marketplace. When compared to pre-pandemic June 2019, values have seen a whopping £4,1002 increase

That’s the findings from Auto Trader’s monthly Retail Price Index, which is based on daily pricing analysis of circa 900,000 vehicles, and is set to be used by the Office for National Statistics to feed its measures of inflation. It revealed that the average price of a used car was £17,173  in July, marking a 19.5 % increase on the same time last year on a like-for-like basis.

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 over 10% on pre-pandemic levels3, whilst consumers spent an average of 588 million minutes on its platform last month looking to buy or sell their next car, generating over 64 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 Suzuki SX4 saw a massive 82.1% year-on-year price increase. Other popular models such as the Seat Alhambra; Renault Scenic; Ford Fusion and Ford S-Max also sit high on Auto Trader’s top 10 list, recording an annual increase in value of over 40%.  

Erin Baker, Editorial Director at Auto Trader commented:  “The reason prices have shot up is due to high demand and a low supply of new and used cars – which has meant cars have become an appreciating asset. Unbelievably, for many people, the car sat on their driveway could be worth more than they originally paid for it. We all like to check the price of our house, but given the current market, we’d encourage people to do the same for the second most expensive asset they own.”

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) | July 2022 vs July 2021 like-for-like

Ranks

Make

Model

July-22 Average Asking Price

Price Change (YoY)

1

Suzuki

SX4

£4,439

82.1%

2

SEAT

Alhambra

£18,673

54.5%

3

Renault

Scenic

£8,099

46.8%

4

Ford

Fusion

£3,332

44.3%

5

Ford

S-Max

£15,403

43.4%

6

Fiat

Punto

£4,849

42.4%

7

Toyota

Auris

£11,659

42.1%

8

Fiat

Grande Punto

£2,150

41.8%

9

Toyota

Prius

£15,677

41.7%

10

Hyundai

ix20

£9,439

40.5%

           
           

 

Top 10 price contraction (all fuel types) | July 2022 vs July 2021 like-for-like

Rank

Make

Model

July-22 Average Asking Price

Price Change

10

Vauxhall

Crossland

£19,010

0.5%

9

Mazda

CX-30

£23,688

0.3%

8

Jaguar

F-Type

£44,834

0.2%

7

Aston Martin

DB11

£108,318

0.0%

6

Land Rover

Discovery 3

£7,993

-2.8%

5

Audi

RS3

£46,296

-2.9%

4

BMW

8 Series

£54,934

-5.1%

3

BMW

8 Series Gran Coupe

£59,020

-6.8%

2

MINI

Roadster

£8,306

-13.8%

1

Mitsubishi

Shogun Sport

£29,632

-20.8%

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