The UK’s used car price rises are the highest in Europe, according to new data published by Indicata.
Values were 28.3% higher in October than at the start of 2021 it said, with prices up by just 3.2% in France, 8.6% in Germany, 10.2% up in Italy, and 14.9% in Portugal during the same period.
Electric Vehicles (BEVs) were the fastest-selling used cars in October, according to Indicata’s latest Market Watch report, which attributed the trend to EVs being “more readily available than other fuel types” in a market short on both new and used car supply.
Jon Mitchell, Indicata UK’s sales director, said: “Used car prices continue to rise and surprise the industry but with there being no signs of new car sales increasing any time soon more and more consumers are switching to the used market for their next car.
“BEVs are making an impact now with more drivers looking to opt for zero emission motoring which has to be good news on the back of the environmental commitments made in the COP26 conference.”
Earlier this week Auto Trader said that a 26.9% year-on-year increase in values to a new record average of £19,766 on its platform in October, and UK inflation at a 10-year high, was still showing no sign of impacting consumer demand.
Indicata said that UK sales were being held back only by supply constraints.
October online B2C used car sales were 4.8% lower than in September and by coincidence also 4.8% lower than October 2020, it said.
However, total online B2C used car sales for October year to date are still 17.7% higher than the first 10 months of 2020 and 2.8% above the same period in 2019, the last full year before the market was impacted by COVID-19 lockdowns.
Indicata’s data suggests that car retailer’s buoyant sales have been draining stock levels.
Stocks are now 18.3% below November 2020 levels, it said.