Average used car price jumped 15.2% last week – and record price growth shows no signs of slowing – Car Dealer Magazine
The average price of used cars jumped 15.2% last week, according to new data, fueling an expected positive period of “sustained” demand for used cars.
Auto Trader said that, based on the 400,000 cars currently advertised on its platform, the week of August 9 saw a “massive” 15.2% year-over-year and on a comparable basis.
The latest figures mark 66 consecutive weeks of price growth, but also “a huge acceleration” on 5.7. percentage increase when the courts reopen during the week of April 12.
The company said it had more than 15.8 million cross-platform visits last week, a significant increase of 32% from the same week in 2019.
There was also an 18% increase in the hours (2.3 million) consumers spent researching their next car in the market.
Auto Trader also said it took an average of 26 days for stocks to leave the forecourt last week, down 10% from the April average.
The numbers come as Auto Trader’s research conducted this month found that so nearly half (46 percent) of new car buyers wouldn’t be willing to wait longer than a month for their favorite vehicle, 74 percent would be open to buying a used vehicle. alternative car if their brand new choice was not available within the desired time frame.
Auto Trader Director of Data and Ideas Richard Walker said: “The demand for used cars is fueled by many factors, including consumer confidence, low unemployment levels, safety concerns. in public transport, but now also the supply constraints that we see in the new car market.
“We estimate that there are up to 600,000 new car transactions that will not take place this year due to these constraints, with many consumers looking for alternatives to used cars.
“This suggests that we can expect an extended period of positive used car demand.”
Walker added, “Based on the incredibly strong metrics we’re seeing in the market, we’re forecasting at least eight million used car deals this year.
“However, that’s not even starting to recover the sales that we’ve seen lost in 2020 due to lockdowns; While the supply of used cars remains strong, we are confident that there is sufficient demand for used cars in the market to exceed our forecasts.
“While our forecast contrasts with the relatively conservative forecasts of other commentators, we have been and will continue to be guided by data rather than opinion.
“That would be our advice to traders: Know your market and know your data, and you will be in the best position to answer it, whatever the market context.
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Average asking price: £ 59,914
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Average asking price: £ 1,541
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Average asking price: £ 2,020
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