- October 24, 2018
- Posted by: Shahinur Miah
- Category: Automotive Industry, News
According to Auto Trader’s retail price index, there has been a 5% increase from September 2017 in the average value of used cars bringing this to £12,853 for 2018.
From 2011 to now, used car values have risen a massive 42% from £8,997 to £12,731. Over this same period the average new car value has also seen a 19% increase from £21,911 to £26,105.
Change Towards the New
PCP deals have led to the shift towards shorter ownership of new cars over a two to three year period which has influenced the used car market as more newer models are finding themselves in the used sector.
This is a trend which has been ongoing as over the past five years, the number of cars younger than three years old has risen 32% with older models falling out of favour as cars older than five years saw a 3% drop and cars older than ten years saw a 10% drop in volume over the same period.
AFV (Alternatively fuelled vehicles) have experience a record breaking 3.9% demand growth for new sales displaying the understated demand for more environmentally friendly vehicles by the market.
EnquiryMAX’s Contrasting Findings
Lead management company enquiryMAX conducted a survey of 700 dealers and their average used car value is almost double that of Auto Trader’s at £20,369 which is down from £22,159 last year. These contrasting reports make it harder to gauge where reliable figures for used car values lie. However, enquiryMAX also found the total used vehicle market is up by 11% year on year therefore both companies can agree that used car prices are on the rise even if their figures are slightly different.
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