Average price of a used car increased 6% year-on-year (like-for-like) in November.
- Used diesel prices slip month-on-month, but increase 3% year-on-year (like-for-like)
- Diesel remains most searched for fuel type on Auto Trader, representing 55% of all fuel searches in November
11th December, London – According to the latest figures from the Auto Trader Retail Price Index, the average price of a used car in the UK in November was £12,589, a fall of £50 versus October, which is the first month-on-month fall for eight months. Prices remain higher than last year; on a like-for-like basis – stripping out the impact of changes in the mix of cars being sold – prices are 6% higher than the same point last year.
The Auto Trader Retail Price Index combines and analyses data from c. 500,000 trade used car listings every day, as well as additional dealer forecourt and website data (OEM, fleet and leasing disposal prices, in addition to pricing data from over 3,000 car dealership websites and data from major auction houses across the UK), ensuring the Index is an accurate reflection of the live retail market.
In November, the average price of a used diesel saw a monthly decline, falling £143 on the previous month, to £14,412. However, on a like-for-like-basis, the fuel type recorded an annual increase of 3%. In contrast, the average price of a used petrol car increased £55 month-on-month, reaching £10,342. On a like-for-like basis, this equates to a year-on-year increase of 11%.
Diesel remains the most searched for fuel type
Data taken from Auto Trader’s market place, which attracts over 55 million cross platform visits each month, revealed that whilst new diesel car registrations continue to fall dramatically, as revealed by the Society of Motor Manufacturers and Traders 1 (-30.6% in November), diesel remains the most searched for fuel type on Auto Trader (new and used).
Since November 2016, the number of searches for diesel cars has steadily declined in line with negative commentary; falling from 71% to a low of 54% in May 2017. However, since then this decline has started to reverse, with diesel searches gradually rising to 56% of all fuel related searches in September. This figure remains flat, accounting for 55% of all fuel searches in October and November respectively.
Searches of petrol represented 41% of all fuel searches in November, remaining consistent from October when they accounted for 40%.
Commenting on the findings, Karolina Edwards-Smajda, Auto Trader’s Retailer and Consumer Product Director, said: “The negative rhetoric surrounding diesel, which has been fuelled by the government’s recent announcements is undoubtedly contributing to the decline in new and used car sales and has impacted used car prices in November.
“Although used diesels have been showing much greater resilience, with their value continuing to increase year-on-year, as well as remaining the most searched for fuel type on our marketplace, the Index does show a small month-on-month decline for the first time in eight months. It’s too early to tell whether this is an emerging trend or not, so we will continue to monitor prices closely.”
About Auto Trader
Auto Trader Group plc is the UK and Ireland’s largest digital automotive marketplace. Auto Trader sits at the heart of the UK’s vehicle buying process and its primary activity is to help vehicle retailers compete effectively on the marketplace in order to sell more vehicles, faster. Auto Trader listed on the London Stock Exchange in March 2015 and is now a member of the FTSE 250 Index.
The marketplace brings together the largest and most engaged consumer audience. Auto Trader has over 88% prompted brand awareness and attracts an average of 55 million monthly cross platform visits a month, with circa 70% of visits coming through mobile devices.
The marketplace also has the largest pool of vehicle sellers (listing more than 470,000 cars each day). Over 80% of UK automotive retailers advertise on autotrader.co.uk.
For more information, please contact:
Andrew Nankervis | Andrew.firstname.lastname@example.org
1 Society of Motor Manufacturers and Traders: new diesel car registrations fell 30.6% year-on-year in November 2017