The latest MMI Report from Auto Trader has been released which takes a deep dive exploring The Road to 2030.
This month’s highlights include:
- August was another strong month for on-site activity with total visits to the platform up 14% on last year’s levels.
- Supply of used cars increased for the first time since November 2022 as the recovery in new car sales result in more nearly new cars in the market.
- Despite the modest increase in total supply, solid levels of demand meant that used cars still sold 1 day faster than last year and 2 days faster than 2019 levels.
- Used car sales increased 1% year-on-year. Within this, there was further improvement in sales of under 1 year old cars, with volumes rising 42% year-on-year.
- Used car retail prices increased by 1.1% year-on-year, but the headline growth rate slowed as the recovery in new car sales and shift to electric put further pressure on prices.
- Month-on-month retail prices fell by -0.8%. However, as the pricing movements over summer months tend to be more volatile, September‘s data will provide a better gauge on pricing behaviour.
- Critically, overall demand is holding up, used cars are selling faster than last year, and prices remain nearly £2k ahead of where they would have been if the pandemic had not happened.
Download the full report HERE.