Average used car prices drop for sixth consecutive month

The typical value of a employed automobile dipped for the sixth thirty day period in a row in July.

In accordance to the hottest eBay Motors Team Industry See selling prices dropped 1.1% to £16,652, a month-on-month shortfall of £189, while monitoring 15% greater than July 2021.

Drops ended up recorded across all auto retailing sectors led by independents down 1.2% to £14,064, followed by franchised sellers down .8% to £20,201 and motor vehicle supermarkets down .7% to £16,688.

Stock degrees, which have been gradually declining given that April, when they achieved an ordinary of 46.8 units, dropped marginally thirty day period-on-thirty day period from to 44.8 to 43.2 units. But, they remained 4% ahead of very last July’s 1.5 models.

Unbiased dealer inventories averaged 34 units, down from 36 in June but up almost 10% yr-on-year although franchised averaged 51 models, compared to 53 in June. Motor vehicle supermarkets remained unchanged at 282 models.

On the other hand, times to market improved in July, following a rise in June, averaging 37.9 day across all stores, as opposed to 39.5 in June and 39.2 a calendar year ago.

The speediest profits had been reached by automobile supermarkets averaging just 27.8 days, in contrast to 28.5 days in June, adopted by franchised sellers at 33.9 days when compared to 35.6 times in June. Though independents were almost unchanged at 46.9 times.

Lucy Tugby, head of internet marketing at eBay Motors Team, reported:“Although the regular marketed price tag of a applied car has been dropping thirty day period-on-month considering the fact that hitting an all-time significant in January, the dips we are looking at stick to the gradual decrease in trade values. Pricing remains resilient as illustrated by 12 months-on-12 months comparisons with the total typical cost £2,158 increased in July than 12 months back.

“The price tag of living crisis is however severely impacting homes. It is much more significant than at any time for dealers to assure they are presenting and pricing inventory attractively and offering support and guidance for nervous buyers.

“Dealers are continuing to deal with the ongoing supply worries by preventing to retain dependable stock concentrations, with a lot of only capable to acquire inventory to replace bought cars and trucks. Many have carried out a great work altering to the industry disorders by protecting stock ranges and shifting stock effectively, placing them in a powerful position for the summer getaway time period.”