23 Jun, 2024

Used car market on ‘firm footing’ despite drastic price falls in final months of 2023 – Car Dealer Magazine

Auto Trader says the used car market is on a ‘firm footing’ heading into 2024, despite a difficult end to the previous year.

The firm’s monthly Retail Price Index has found that used car prices fell 5.6% year-on-year in December to £17,064.

That result was also slightly down on November’s figure of £17,319 but experts insist there are reasons for used car dealers to be positive.

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The firm’s analysts found that consumer demand on the platform remained robust throughout December, up 11.7% on December 2022 – the strongest pace of growth since July.

Overall used car transactions also increased by 4% in the final month of the year, leading Auto Trader to increase its Market Health metric from 6% in November to 10.6% in December.

The early signs in January have suggested more good news, with the number of visits to the site up nearly 4% during the first week of 2024.

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That follows a total of over 67m cross platform visits in December – a year-on-year rise of 10.2%.

Elsewhere, used cars continued to sell quickly, taking an average of just 36 days in December.

The figures come after Car Dealer reported last week that AA Cars had found

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