Rapid rise

ACCORDING to the latest data from the Auto Trader Retail Price Index, which is based on circa 800,000 daily pricing observations across the whole retail market, UK second ­ hand car prices are accelerating at their fastest rate in eight months.

With an average retail value of £17,756, June marks a year ­ on ­ year (YoY) price growth of 3.2 per cent on a like ­ for ­ like basis and the 39th consecutive month of YoY growth.

Over that period, the average retail price of a used car has increased by circa £3,900.

Although retail prices in June softened slightly on a month ­ on ­ month (MoM) basis, decreasing0.3 per cent in May, this is near to seasonal norms, with prices falling as much as ­ 0.9 per cent over the same period in 2019.

Auto Trader’s Director of Data and Insight, Richard Walker, said: “The used car market has enjoyed a strong first half of the year, with the rise in retail values doing little to dampen consumer demand. Although the current health of the economy does add a degree of uncertainty for the months ahead, based on what we’re currently our outlook for the rest of 2023 remains an optimistic one.”