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:
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.
| Ranks | Make | Model | July 24 Average Asking Price | Price Change (YoY) | Price Change (MoM) | |
| 1 | Jeep | Grand Cherokee | £18,197 | 3.1% | 4.6% | |
| 2 | Porsche | 718 Cayman | £64,677 | 1.7% | 3.3% | |
| 3 | Volkswagen | Beetle | £7,425 | 1.3% | 1.1% | |
| 4 | Volkswagen | Touareg | £29,551 | -0.3% | 2.2% | |
| 5 | BMW | M5 | £42,054 | -0.5% | 0.5% | |
| 6 | Suzuki | Jimny | £11,566 | -1.0% | 1.3% | |
| 7 | Hyundai | i10 | £8,000 | -1.2% | 0.1% | |
| 8 | Audi | R8 | £71,412 | -1.4% | 1.0% | |
| 9 | Volkswagen | up! | £8,143 | -1.4% | -0.7% | |
| 10 | Kia | Picanto | £8,748 | -1.7% | -0.2% | |
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.
| Rank | Make | Model | July 24 Average Asking Price | Price Change (YoY) | Price Change (MoM) | ||
| 10 | Nissan | Pulsar | £6,795 | -21.3% | -2.8% | ||
| 9 | Citroen | Grand C4 Picasso | £7,013 | -22.0% | -0.1% | ||
| 8 | Polestar | Polestar 2 | £28,656 | -22.1% | -1.9% | ||
| 7 | Vauxhall | Corsa-e | £14,628 | -22.4% | -1.1% | ||
| 6 | DS AUTOMOBILES | DS 3 CROSSBACK | £13,705 | -22.4% | -0.7% | ||
| 5 | Nissan | Leaf | £11,976 | -22.4% | -1.8% | ||
| 4 | Jaguar | I-PACE | £27,423 | -22.6% | -2.8% | ||
| 3 | DS AUTOMOBILES | DS 3 | £6,882 | -23.3% | -2.8% | ||
| 2 | Vauxhall | Mokka-e | £17,462 | -23.7% | -0.6% | ||
| 1 | Volkswagen | e-Golf | £11,031 | -24.3% | -1.4% | ||
Source: Auto Trader