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Used car prices up by more than 16% so far this year, data shows

Date: 20 September 2021   |   Author: Sean Keywood

UK average used car prices rose by 16.6% during the first eight months of 2021, according to market analyst Indicata UK.

It attributed this to the global semiconductor shortage continuing to cause vehicle supply problems in the new car market.

However, this increased demand is hitting used car stock levels, said to be 9.3% lower at dealers now compared with the beginning of August.

Overall used car sales to August this year were up by 24.9% compared with the same period in 2020, and by 4.8% compared with pre-pandemic 2019.

Indicata group sales director Jon Mitchell said: "Buyers continue to clamour for whatever stock they can get their hands on and generally dealers are holding onto the majority of their part exchange stock to retail.

"We have achieved 100% conversion rates on our online auctions for months as dealers are prepared to give all makes and models of used car a go just to keep their forecourts busy."

According to Indicata, stock turn on diesel and petrol used cars are on par with one another, closely followed by hybrids, while EVs are slower to sell as generally their pricing is £3-4,000 higher than equivalent ICE models.