The UK’s used car market revved its engines and sped past the usual August slowdown. According to the latest data from Auto Trader, the demand for second-hand vehicles remained remarkably strong, with retail prices defying seasonal trends and holding steady.
Despite the nation’s collective focus on Olympic glory, the appetite for used cars refused to back down. Transactions in the sector rose by a respectable 3 per cent year-on-year, showing that the British public’s love for bargain motors is as enduring as ever.
Top 10 used car price growth (all fuel types) | August 2024 vs August 2023 like-for-like
| Ranks | Make | Model | Aug 24 Average | Price Change | Price Change | |
| 1 | Porsche | Cayman | £31,762 | 2.3% | 2.3% | |
| 2 | Suzuki | Jimny | £11,511 | 1.3% | 3.1% | |
| 3 | BMW | M5 | £41,245 | 1.3% | 0.0% | |
| 4 | Kia | Picanto | £8,671 | -0.2% | 0.5% | |
| 5 | Alfa Romeo | Giulia | £26,328 | -0.4% | 2.5% | |
| 6 | Hyundai | i10 | £7,976 | -0.5% | -0.4% | |
| 7 | Volkswagen | up! | £7,988 | -1.3% | -0.3% | |
| 8 | Aston Martin | Vantage | £67,548 | -1.4% | -0.2% | |
| 9 | Audi | R8 | £71,673 | -1.4% | 0.8% | |
| 10 | Volkswagen | Beetle | £7,564 | -1.6% | 0.1% | |
The average price of a used car in August parked itself at £16,316. While that’s a slight dip of 0.1 per cent month-on-month, it’s still a far cry from the usual August price drops. To put that in perspective, last year saw prices skid by 0.8 per cent, and in 2019, they slipped by 0.4 per cent. Historically, August has been a month where prices typically take a downturn of around 0.5 per cent, but this year, the market is holding its ground like a stubbornly parked car.
UK used car market: latest data
This stability in prices comes down to a delicate balance – or should we say, imbalance – in supply and demand. The number of used cars being advertised on the market shrank by 5.3 per cent YoY, marking the fifth straight month of contraction and the sharpest decline since July last year. However, this drop in supply is being offset by a surge in consumer demand, which accelerated by a zippy 7.3 per cent YoY in August, well above the 2.5 per cent rise recorded in July.
Auto Trader’s Market Health metric, a kind of industry pulse check, echoed this robust demand. It jumped from 8.2 per cent in July to a healthy 13.3 per cent YoY in August, indicating a thriving market that’s far from running out of gas. The platform itself saw a traffic boost, with around 82 million visits in August – up 6 per cent from last year and an impressive 20 per cent compared to August 2022.
Top 10 used car price contraction (all fuel types) | Aug 2024 vs Aug 2023 like-for-like
| Rank | Make | Model | July 24 Average | Price Change | Price Change | ||
| 10 | Hyundai | ix35 | £5,189 | -21.7% | -1.9% | ||
| 9 | Nissan | Leaf | £11,890 | -22.5% | -1.3% | ||
| 8 | DS AUTOMOBILES | DS 3 | £7,042 | -22.6% | -0.2% | ||
| 7 | Fiat | 500L | £5,624 | -22.8% | -0.1% | ||
| 6 | Tesla | Model 3 | £22,766 | -23.2% | -0.4% | ||
| 5 | Audi | e-tron | £25,937 | -23.4% | -0.5% | ||
| 4 | Nissan | Pulsar | £6,545 | -23.7% | -4.1% | ||
| 3 | Vauxhall | Corsa-e | £14,703 | -23.8% | -0.3% | ||
| 2 | Citroen | e-C4 | £16,761 | -24.0% | 0.6% | ||
| 1 | Vauxhall | Zafira Tourer | £6,716 | -24.5% | -1.4% | ||
When it comes to how quickly these used cars are flying off the forecourts, the stats are just as speedy. In August, the average time for a used car to sell was just 28 days – one day faster than in July and three days quicker than the same time last year.
But it’s not just any old banger that’s getting snapped up. Petrol cars are cruising along nicely, with a 7.4 per cent rise in consumer demand. Meanwhile, electric vehicles are experiencing a boom of their own, with demand skyrocketing by 49 per cent YoY. However, the EV market is a bit of a mixed bag – while supply rose by a similar margin, overall prices dipped slightly by 0.3 per cent MoM.
"We’re well into the second half of the year now, and it’s very reassuring to see the used car market continue to maintain its momentum. Despite potential distractions over the last few months, not least the Olympics and the Euros, we’ve not seen any impact on consumer appetite for used cars; demand remains robust, and cars are selling at pace, and so our outlook for the closing months of 2024 remains very positive," Richard Walker, Auto Trader’s Data and Insights Director, commented.
Source: Auto Trader