Used car dealers enjoy strong August as month bucks traditional summer trends

The Porsche Cayman saw the biggest price rise of any used car in August as dealers enjoyed a month above and beyond what they would normally expect in the height of summer.

That is according to new data from Auto Trader, which has released its latest retail price index figures for the eighth month of the year.

The report found that strong underlying customer demand meant that retail prices were higher than expected in August, despite there being an Olympic Games to take consumers’ attention away.

The number of transactions rose by around 3% on the same point last year, despite the number of cars being advertised dropping by 5.3%.

Meanwhile, compared to July, the average price of a used car dropped by 0.1% to reach £16,316. The figure represents a smaller August drop off than in previous years.

This time last year, Auto Trader reported a 0.8% decline, while the last pre-pandemic year of 2019 saw a 0.4% slide. Since 2011, used car prices have typically softened by around 0.5% in August.

Read the full article at Car Dealer Magazine