Auto Trader has reported that the average price of a used car has risen by £3,000 since May as the imbalance of consumer demand and vehicle supply shows no sign of abating.
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Click the thumbs up >Used car price growth has accelerated significantly, according to Auto Trader, following the reopening of showrooms last month.
Based on the circa 440,000 used vehicles currently advertised on its marketplace, the average price of a used car increased by 6.8% year-on-year on a like-for-like basis last week.
It not only marks 53 weeks of consecutive price growth, but a sizable increase on the 5.7% YoY recorded during the week of April 12, following which growth levels have increased consistently week-on-week.
Increased consumer demand is highlighted by the average number of daily cross platform visits on Auto Trader. Last week the figure was 2.4 million, an increase of 41% on the same period in 2019.