Used market stays firm into autumn as memories of 2023 buying nerves and trade price cuts fade into rear view mirror
• Month-on-month prices rise 1%, up vs -0.2 in October 2023
• The average price of a used car was £16,408 in October; down -7.4% YoY the lowest annual decline since December 2023
• Used BEV demand firms further with prices increasing (2.1% MoM) for first time since 2022
• Overall demand remains strong as Auto Trader records over 80 million visits in October, up 9.5% YoY.
1st November 2024, London – The used car market is set to finish 2024 in strong shape according to the latest data from the Auto Trader Retail Price Index.
Auto Trader assesses over 800,000 daily pricing observations from across the whole retail market. It shows that the average price of a used car last month was £16,408, down -7.4% year-on-year (YoY) on a like-for-like basis but the lowest annual decline since December 2023.
Month-on-month, the market has risen 1% which is up from October 2023 (-0.2%) but not quite back to pre-pandemic averages which hovered around the 1.9% mark.
The market performance is being fuelled by the sustained levels of consumer demand, combined with the ongoing constraints in used car supply. In fact, whilst YoY supply was down -5.6% in October, Auto Trader’s data showed that demand on its platform had risen strongly for the fourth consecutive month, increasing 9.9% YoY.
Auto Trader’s market health indicator increased by 16.4% YoY as demand outpaced supply and cars sold faster, taking on average 29 days to leave forecourts in October, three days quicker than the same month last year. Due to these healthy market dynamics, retailers are pricing more confidently than at this time last year, when they were spooked into bigger reductions by price cuts in the wholesale market as some trade buyers were reluctant to source stock.
The October figures show the average price of a used petrol car showing the smallest decline, down -6.4% YoY at £14,699, diesels down -7.1% at £14,066 and electric vehicles priced 13.4% lower at £26,819. The typical plug-in hybrid is down 12.5% year-on-year at £30,834. These prior year comparisons are all negative given the trade price induced fall in retail values seen last winter.
Used electric cars performed well in October too with used BEV prices rising (2.1%) MoM for the first time in two years, likely due to sustained demand throughout the year, renewing retailer confidence in the second-hand electric market. Speed of sale for the 3-5 year old electric segment sits at an impressive 19 days, one day faster than September and the fastest across all segments.
It’s good to see retailers showing more confident pricing trends and following the supply and demand data, helping 2024 end on a far stronger note than 2023
"It’s good to see retailers showing more confident pricing trends and following the supply and demand data, helping 2024 end on a far stronger note than 2023. Last year, many retailers were unnerved by largely unwarranted price cuts in the wholesale market but thankfully today’s levels of demand, combined with continuing tightness of supply, mean that we haven’t seen that pattern repeated this year.
Solid market health indicators in the used electric market are a bright spot as we see overall BEV prices up month on month. The 3-5 year old EV segment continues to lead the overall market in selling faster than all others. We’re hopeful that as retailer confidence continues to grow in the second-hand electric segment, more and more will be ready to get involved and – as with all segments of the market - we’d urge all retailers to use data to make informed electric stocking decisions.”
Top 10 used car price growth (all fuel types) | October 2024 vs October 2023 like-for-like
Top 10 used car price contraction (all fuel types) | October 2024 vs October 2023 like-for-like
About the Retail Price Index
The Auto Trader Retail Price Index (RPI) is published monthly and provides an overview of the latest price and search data from our marketplace. Our team of data scientists monitors circa 800,000 vehicles each day, including 116,000 vehicle updates and an average of 39,000 vehicles added or removed from Auto Trader. Coupled with data from circa 450,000 trade car listings every day, as well as additional retailer forecourts and website data (OEM, fleet and leasing disposal prices and 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.
About Auto Trader
Auto Trader Group plc is the UK’s largest automotive platform. It listed on the London Stock Exchange in March 2015 and is a member of the FTSE 100 Index.
Auto Trader’s purpose is Driving Change Together. Responsibly. Auto Trader is committed to creating a diverse and inclusive culture, it aims to build stronger partnerships with its customers and use its voice and influence to drive more environmentally friendly vehicle choices.
With the largest number of car buyers and the largest choice of trusted stock, Auto Trader’s marketplace sits at the heart of the UK car buying process. That marketplace is built on an industry-leading technology and data platform, which is increasingly used across the automotive industry. Auto Trader is continuing to bring more of the car buying journey online, creating an improved buying experience, whilst enabling all its retailer partners to sell vehicles online.
Auto Trader publishes a monthly used car Retail Price Index which is based on pricing analysis of circa 800,000 unique vehicles. The same data that powers the Index is used by the Office for National Statistics to make the UK’s official measures of inflation more robust, as well as the Bank of England to feed the broader UK economic indicators.
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