The latest pricing survey by Trader Media Group’s online trading network, Autotrade-mail, reveals that the average trade price of used cars is as high as it has been for four years, just 2.2% less than during the first half of 2008.
Following a fall of nearly 19% in average trade prices in the immediate aftermath of the credit crunch, the next 12 months saw a big ‘bounce back’ with an increase of 12.4%.
This recovery has continued ever since, although at a more modest rate. The average vehicle on Autotrade-mail is now four and a half years old with 40,000 miles on the clock.
Average used car trade price (H1 year-on-year +/-):
Jan – June 2008 £12,665
Jan – June 2009 £10,282 (-18.8%)
Jan – June 2010 £11,560 (+ 12.4%)
Jan – June 2011 £12,019 (+ 4.0%)
Jan – June 2012 £12,390 (+ 3.1%)
Kevin Watson, operations director at Autotrade-mail, commented: “We fully expect consumer demand to continue to rise in the second half of this year with certain makes and models depreciating at a much slower rate, which should take us back to pre-recession levels.”