Motor Trade Insurance

Used Car Prices Continue To Rise

March 28, 2022 by mti

Motor traders will find it interesting to read that the average price of a used car has continued to increase yet again according to the Auto Trader Retail Price Index during February 2022 that takes into account around 900,000 vehicles. The average price of a second hand car increased by 0.6% in the month of February 2022. That is the 23rd month in a row that such prices have gone up.

On a year on year basis to February 2022, the average price of a used car went up by 31.9% in the UK.  As at February 2022, the average price of a used car was £17,929 that equates to an increase of almost £4,000 in a year.

A petrol used car average price rose by 33.6% to £16, 676 and a diesel used average car price increased by 31.7% to £17,689 in the above 12 month period.

Another interesting statistic relates to nearly new cars up to a year old. Just over one in five of such cars are actually costing more than a new car of the same make and model. We are sure that you will agree this is a staggering statistic as it is widely known that as soon as a new car is driven off the forecourt it looses value. One of the reasons for this change is due to the fact that motorists are reluctant to wait a long time for a new car so instead go for a nearly new vehicle.

Motor traders will no doubt be monitoring the prices of the used cars on their forecourts frequently to make sure that they are in line with the rest of the used car market. This in itself is a potentially time consuming thing to do but a necessary task in the current climate.

It will be interesting to see just how much longer this situation may continue to go on for and we will keep our readers updated with relevant statistics relating to the used car market.  

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