Average used car price rises to £17,445 as Motors publishes latest Market Insight report

The average price of a used car has risen to £17,445 this month, according to fresh data from Motors.

The firm has today published its latest Market Insight report, which has found a monthly price rise of just £95 in the average cost of a car on its platform.

Experts say the result ‘reflects the pricing stability which has been evident throughout the year’ but the data did include some notable variations.

When looking at the results by location, cars in London rose by 3% compared to August to reach an average of £24,441. There were also smaller increases in other Southern areas.

On the flip side, the north east of England saw a 14% year-on-year drop to £15,190 – which was also down 1% on August. The north-west, East Anglia and south-west also drops on both a month-on-month and year-on-year basis.

The lowest average price to buy a used car was Wales, where Motors found an average price of  £14,044.

Looking at the data by fuel type, EVs rose in price by an average of £408 in just a month to reach £28,180 – the third consecutive monthly rise, despite tracking 14% lower than last September.

Prices for hybrids dipped 1% (£180) to £25,546, while petrol (£16,662) and diesel (£14,937) remained on a par with August.

Motors’s data also revealed that most views were for used cars in the £5,000 to £10,000 and £10,000 to £15,000 price brackets with online views across the board up 10% on last month.

Read the full article at Car Dealer Magazine: tinyurl.com/356dwtt4