Average price of a used car increased 5 per cent YoY in September
According to the latest figures from the Auto Trader Retail Price Index, the average price of a used car in the UK is continuing to grow, reaching £12,436 in September; a like-for-like increase of 5 per cent on the same period last year.
The Auto Trader Retail Price Index combines and analyses data from c. 500,000 trade used car listings every day, as well as additional dealer forecourt and website data (OEM, fleet and leasing disposal prices, in addition to 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.
According to the latest new car registration figures from the Society of Motor Manufacturers and Traders (SMMT), new diesel registrations dropped 21.7 per cent in September, marking six consecutive months of decline. However, whilst the new diesel car market is struggling, according to our data, used diesel car prices are showing resilience.
Despite recent reports that have suggested the prices of used diesels were in decline, the Index reveals that average diesel prices are in fact slightly increasing. Whilst diesel average price increases have been slowing for most of 2017, since August they have started to grow again. In September, the average price of a used diesel was £14,360; an increase of £282 on the previous month, representing an annual increase of 2 per cent on a like-for-like basis (adjusting for changes in the mix of cars being sold at any point in time).
However, despite this respectable increase, diesel continues to be significantly outperformed by petrol. The average price of a used petrol car saw a monthly increase of £223, rising to £10,029; a 10 per cent like-for-like increase on September 2016.