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July sees UK used car prices cruise on a steady track

The average car sells in just 29 days.

Used cars market data from the UK, July 2024

Angel Sergeev

By: Angel Sergeev

Aug 5, 2024 at 3:54am ET

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In the United Kingdom, July’s used car market decided to take a leisurely drive rather than race ahead. According to the latest scoop from Auto Trader, retail prices in the used car realm held their ground, showing no change from June’s numbers.

This stable pricing isn’t just a fluke, it reflects the robust health of the used car market. Despite a tight squeeze on supply, consumer demand remains revved up, keeping prices at a standstill. This scenario is akin to a traffic jam where everyone wants to go but can't because there aren't enough lanes. July marked the strongest pricing performance we've seen in three months and the second-best since April 2023.

UK used car market data:

UK: Surging demand and supply crunch drive robust used car market in H1

UK: 15 highest depreciating used cars under £15,000 unveiled

Auto Trader’s data, which is based on 800,000 daily pricing observations, reveals an interesting trend for 'middle-aged' cars. Cars aged 1-3 years saw a modest 0.4 per cent price increase month-on-month, while those aged 3-5 and 5-10 years old nudged up by 0.2 per cent and 0.1 per cent respectively. It's like these cars hit a growth spurt, right in the middle of their lifespan.

Top 10 used car price growth (all fuel types) | July 2024 vs July 2023 like-for-like

Ranks

Make

Model

July 24 Average
Asking Price

Price Change
(YoY)

Price Change
(MoM)

Jeep

Grand Cherokee

£18,197

3.1%

4.6%

Porsche

718 Cayman

£64,677

1.7%

3.3%

Volkswagen

Beetle

£7,425

1.3%

1.1%

Volkswagen

Touareg

£29,551

-0.3%

2.2%

BMW

£42,054

-0.5%

0.5%

Suzuki

Jimny

£11,566

-1.0%

1.3%

Hyundai

i10

£8,000

-1.2%

0.1%

Audi

£71,412

-1.4%

1.0%

Volkswagen

up!

£8,143

-1.4%

-0.7%

Kia

Picanto

£8,748

-1.7%

-0.2%

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But it’s not all smooth roads. The overall supply of used cars is shrinking faster than a snowman in July. With available stock down by 5 per cent year-on-year, July marks the fourth consecutive month of decline, and it’s the steepest drop since last year. However, consumers aren't backing down. Demand on Auto Trader surged by 3.5 per cent year-on-year, despite distractions like the General Election, the European Championship, and Wimbledon. Clearly, Brits can multitask—watching tennis and shopping for cars simultaneously.

Auto Trader also clocked a hefty 80.9 million visits in July, up 2.1 per cent from last year and a remarkable 19 per cent jump from July 2022. Plus, the pace at which used cars are leaving the forecourt is brisker than ever, with the average car selling in just 29 days, a day quicker than in June, and four days faster than July last year.

Top 10 used car price contraction (all fuel types) | July 2024 vs July 2023 like-for-like

Rank

Make

Model

July 24 Average
Asking Price

Price Change
(YoY)

Price Change
(MoM)

Nissan

Pulsar

£6,795

-21.3%

-2.8%

Citroen

Grand C4 Picasso

£7,013

-22.0%

-0.1%

Polestar

Polestar 2

£28,656

-22.1%

-1.9%

Vauxhall

Corsa-e

£14,628

-22.4%

-1.1%

DS AUTOMOBILES

DS 3 CROSSBACK

£13,705

-22.4%

-0.7%

Nissan

Leaf

£11,976

-22.4%

-1.8%

Jaguar

I-PACE

£27,423

-22.6%

-2.8%

DS AUTOMOBILES

DS 3

£6,882

-23.3%

-2.8%

Vauxhall

Mokka-e

£17,462

-23.7%

-0.6%

Volkswagen

e-Golf

£11,031

-24.3%

-1.4%

Source: Auto Trader

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