- Auto Trader says the average second hand motor in the UK is £19,018 . is listed in
- That’s 24% more than the average price of a used vehicle on its site a year ago
- Used prices have risen for 76 consecutive weeks due to a lack of new models
- This has pushed up the price of old cars a few years old more than new ones.
New data highlights increased prices for second-hand vehicles, as manufacturers continue to struggle to meet production demands for new cars.
The average price of a used car advertised last week was 23.9 percent higher than the same week a year ago, rising to £19,018 – the highest figure the auto trader says it has ever recorded.
And it says that 17 percent of ‘nearly new’ older models – which are up to 12 months old – are now being advertised for more than their price.
Second-hand car prices continue to rise: Auto trader says average advertised price for a used vehicle was over £19,000 last week
The report comes after This Is Money and Cap HPI surfaced last week showing year-old vehicles being sold at prices higher than new manufacturer list prices and which were exclusively used in the past six months. The models have risen the most in value.
The recent surge in used vehicle value is a result of unprecedented demand due to extended wait times for the delivery of new cars.
The lack of semiconductor chips needed for the latest models means that manufacturers simply can’t make them quickly enough, with some — including Jaguar Land Rover — citing 12-month waiting periods for particular models.
Auto trader says shortage of new cars has been the key factor which has driven up the average used car price for 76 weeks in a row.
It says ‘consumer demand’ for second-hand motors – based on searches and ad views on its website – is 19 percent higher than a year ago.
The marketplace said: ‘This growth is reflected in over 14.8 million cross platform visits from AutoTrader, a massive 32 percent increase over the same week two years ago.
‘Consumers also reported a 20 percent increase in hours (2.2 million) spent researching the marketplace for their next car.
The auto trader said that despite the recent fall in inflation, it is not expected that the growth in prices of used cars will slow down anytime soon.
The very strong consumer demand in the market is also highlighted by the fast pace at which retailers are selling cars, the report said.
Last week, it took an average of just 23 days for the stock to leave the forecourt, which is 17 percent faster than the pace of selling recorded during April.
AutoTrader says this means retailers don’t have to lower their prices nearly as much as they usually do to move vehicles.
Of the 2,218 retailers who made price adjustments last week (202 fewer than the same period in 2019), the average was a reduction of only £96 – in the same week of 2019, retailers were reducing prices by an average of £304 ( 68 percent higher).
Nearly one in five year old cars advertised above new price
Such a steep rise in the prices of used cars, almost one in five of the ‘almost new’ examples listed on AutoTrader are currently being offered at more expensive prices than their brand-new counterparts.
These are cars that are up to a year old and typically experience large depreciation – as is the case with most vehicles in the first 12 months.
Such is the demand that 17 per cent of the advertisements are being given above the new spend.
This is more than four times higher than the previous all-time high of 11 per cent recorded by the online portal in August and 4 per cent in January.
Remarkably, about 37 percent of new cars are priced within 5 percent of their new counterparts, up from 28 percent in August and 13 percent at the start of the year, the auto trader says.
Last week, This Is Money exclusively revealed year-old vintage cars, which are being sold for more than the new price. cap hpi. data provided by
The average year-old used sale price of all 25 cars listed here is greater than their new list price. It ranges from 3.7% to 19.4% on the manufacturer’s brand new price. Source: Cap HPI data accurate as of end of September 2021
The CAP HPI, which tracks used car sales prices and provides vehicle valuation information to drivers, revealed which models sold for higher than new ones in September.
Topping the charts was the previous generation Dacia Sandero, which was replaced with a new version earlier this year. The average price paid for a new one – where stock resides – is £9,773, while the average selling price for used examples with 10,000 miles on the watch is £11,673 – a premium of 19.4 per cent.
Similar is the case with the all-new Sandero. Cap HPI says a used price for the six-month-old version is £12,908, while ordering a newer example will – on average – cost only £11,843.
This means buyers are currently willing to pay the same for the one-year-old previous-gen Sandero as the latest example due to the long wait they take.
It’s also ideal for the year-old Duster SUVs, which are about £1,000 more expensive – and with 10,000 miles already clocked up – than their new price orders.
Other examples of older mainstream models being more expensive than newer models include the diesel Range Rover Evoque as well as the oil-fired Land Rover Defenders and Discovery Sports, which likely could have a recently cited 12-month delivery wait. linked to the period.
Porsche’s Macan SUV, the Mini Cooper (and the hot hatch Cooper S variant) as well as the Volvo XC40 compact crossover and Ford Kuga are examples of mainstream models selling well above a showroom new price.
Richard Walker, Director of Data Insights at AutoTrader, said: ‘With so much focus on inflation right now, there’s a huge …