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First acceleration
GOOD news for used car sellers as March marked the first acceleration in UK used car price growth in 10 months.
The current average value of a used car is up 2.3 per cent yearonyear and 0.7 per cent month onmonth.
February’s average prices, marking the third consecutive MoM increase after the typical seasonal slowdown over the festive period.
It’s well ahead of the 0.1 per cent MoM growth recorded in both March 2022 and 2021, as well as the prepandemic average contraction of 0.4 per cent MoM recorded in March between 2011 and 2019. cut pump prices in any meaningful way.
Looking at the last four weeks alone, wholesale prices have come down another 10p yet this has yielded just a 3p cut at the pumps (168.85p to 165.89p on March 22).
What’s more, the gap between the wholesale cost of petrol and diesel has been narrowing for many weeks and is currently just over 1.5p. Despite this, the difference drivers pay at the pumps remains stubbornly high at around 19p a litre.
According to the latest data from the Auto Trader Retail Price Index, the current average retail price of a used car in March is £17,720, which is up 2.3 per cent on a yearonyear (YoY) and like for like basis.
Increasing from the 1.3 per cent YoY increase recorded in February, it marks the first acceleration in the rate of YoY price growth in 10 months, having gradually slowed from the all time high of 32.2 per cent YoY in April 2022.
At a month on month (MoM) level, March to date is up 0.7 per cent on
