- In a month of political and economic turbulence, site visits to Auto Trader improved to within 3% of 2021 levels, having been 10% down throughout much of the year
- Sales of used cars were 4% behind 2021 levels based on the stock removed from Auto Trader in October. It marks a slight improvement in performance as supply continues to be the limiting factor in the second-hand car market.
- Used car prices rose month-on-month, increasing by 1.2% from September to October. Although the increase was marginally behind the typical price change seen in previous Octobers, it followed a particularly strong September which saw prices surpass seasonal trends.
October offered an improvement in new car sales, compared to September, as new car registrations were 26% up year to date (YTD). Amongst the 134,344 new registrations, the number of used cars sold decreased 4% from October 2021.
Auto Trader site visits improved within 3% of 2021 levels, indicating that overall car buying activity remains healthy compared to pre-pandemic levels. Considering May 2022 saw the market suffering 12% decreased in used car sales, the improvement indicates the underlying resilience of the used car market.
During October, the Auto Trader market health metric dropped 21% YTD. Furthermore, the EV market suffered the lowest market health in October as the number of units that enter the used car market has grown rapidly in recent months.
Used car prices were up 18%, in October, on a year-on-year and like-for-like basis. In addition to this, used car priced also increased by 1.2% from September to October. As a result of this market success, the average price of a second-hand car was 17.6k in October, £2k higher that the pre-pandemic trend.
The exceptional rise in used car prices has also led to an abnormal change in the depreciation curves of cars registered before the pandemic, with many cars worth more today then two or three years ago. Opposing to this, some segments are models are seeing prices fall faster than others.
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