Motoring

March marks first acceleration in UK used car price growth in 10 months

By Anna Ellis • Published: 26 Mar 2023 • 14:26

Safet warning issued . Image: Petr Tran / Shutterstock.com

The current average value of a used car is up 2.3 per cent year-on-year and 0.7 per cent month-on-month.

According to the latest data from the Auto Trader Retail Price Index, the current average retail price of a used car in March is £17,720, which is up 2.3 per cent on a year-on-year (YoY) and like-for-like basis.

Increasing from the 1.3 per cent YoY increase recorded in February, it marks the first acceleration in the rate of YoY price growth in 10 months, having gradually slowed from the all-time high of 32.2 per cent YoY in April 2022.

At a month-on-month (MoM) level, March to date is up 0.7 per cent on February’s average prices, marking the third consecutive MoM increase after the typical seasonal slowdown over the festive period.

It’s well ahead of the 0.1 per cent MoM growth recorded in both March 2022 and 2021, as well as the pre-pandemic average contraction of -0.4 per cent MoM recorded in March between 2011 and 2019.

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