Auto Trader’s retail price index (RPI) reports that used car sales in February showed a year-on-year average price increase of 6.6%, with the average price of a used car last month being £14,096. So we’re selling fewer cars, but getting more for them.
Auto Trader’s RPI is based on the analysis of daily pricing of around 900,000 vehicles and is considered by many as they most reliable source for car retail prices in the UK. It says that February represented the 11th month of consecutive price growth – a firm indication that although demand for cars is generally down the overall market remains healthy.
The report also says the number of visitors to the Auto Trader website shows a YoY increase of almost 9%, increasing leads for car sales. In February, daily Auto Trader users grew to 1.4 million.
No wonder Auto Trader is reporting optimism for a strong retail demand once dealerships open properly in April. Here at NTK Motors we know that business is not going to be easy, but we’re holding on to that optimism and are looking forward to hearing of leads converting to sales.