Used Car Prices Up Again Despite Inflation Easing

UK inflation has been easing slightly, coming down to 3.1% in September, but fresh data from the Auto Trader is showing that the average price of used cars continues to rise, up a whacking 23.9% year-on-year in the week 11-17 October.

This is being reported as a stunning 76th consecutive week of price growth.

It is also massive fourfold increase on the 5.7% YoY recorded during the week of 12 April when forecourts reopened.

Consumer demand said to be up 19% is driving the record price growth.

Auto Trader reports it had more than 14.8 million cross platform visits to Auto Trader in the period, a 32% increase on the same week two years ago. Customers are also spending longer on the site.

Of course, retailers are now selling cars far faster than before, taking an average of just 23 days to shift vehicles from arriving in stock.  This at a time when vehicle availability remains threatened by the global microchip shortage.

However one looks at these figures they are pretty stunning.

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