LONDON, England – July data from Auto Trader UK’s retail price Index involving about 900 000 vehicles saw the largest monthly increase in used cars prices since August 2018.
The average sticker price of a used car in July 2020 was £13 888, 4.6% a year-on-year increase on a like-for-like basis and the fourth consecutive month of price increases.
”This,” Auto Trader UK says, ”shows strong demand sustained at record highs through July and showing no sign of declining in August – two months after UK showrooms were closed – at an average of more than two million visits a day.
”July saw a record 64.4.million cross-platform visits.”
Prices are apparently being driven by the strong performance of used internal combustion engine vehicles, especially petrol, which in July saw average prices increase 5.6% (£12 604), marking the highest rate of growth since October 2018.
”Diesel recorded a similarly strong performance, with average prices increasing 4.1% (£14 705), the fastest growth since September 2014.”