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Used car prices rise with thousands added to petrol, diesel and electric vehicles

Used petrol, diesel and electric car prices have risen for the first time in months after consecutive drops, according to analysis from MOTORS. 

Data from the MOTORS Market View showed prices averaged just £16,964, a month-on-month rise of one percent or £146 in the last 30 days.

However, prices are still down so far in 2024 with average valuations dropping nine percent in 2024. 

This has already seen prices fall over £1,500 from a previous average of £18,564 at the turn of the year. 

According to experts, the move could be a sign that “monthly declines are halting” in a boost to those in the market for a vehicle.

This makes the recent uptick a form of correction in the market after a turbulent time over the last four months. 

But, average second-hand car prices are still up eight percent when compared to pre-pandemic valuations. 

Lucy Tugby, marketing director of MOTORS said the market could finally be heading for “greater stability”. 

She said: “Average used car prices have been steadily falling since hitting their post-pandemic peak of £18,927 in January 2023. 

“We’re tracking the market closely to see if April’s rise is an early sign that those monthly declines are halting and whether the market is heading for a period of greater price stability.

“The cumulative effect of those monthly drops means the average price is now £1,600 below where it was this time last year, so this small rise can be viewed as a correction. 

“Though it is worth noting this is still £1,282 higher than pre-pandemic in February 2020.”

Last month electric cars saw the highest average rise with second-hand costs up by around 2.5 percent by the end of April. 

This has pushed the average used EV to around £25,905 as costs increased more than for petrol and diesel powertrains. 

Petrol cars were up by just two percent with costs around the £16,670 mark while diesel jumped by just one percent with average valuations of  £15,274.

Lucy added: “Price drops have certainly opened pockets of opportunity for dealers, as desirable makes and models become more affordable for buyers. 

“In April the Volkswagen Golf overtook the Vauxhall Corsa to become the second best-selling model on MOTORS behind the Ford Fiesta, with the Audi A3 and Mercedes-Benz A-Class also performing strongly.”


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