Used car prices remain stable, despite coronavirus outbreak

Used car prices are remaining stable despite the impact that the coronavirus outbreak has had on the market, new figures show.

The average retail price of a used car has maintained, with like-for-like prices down 0.2 per cent at £13,601. It follows on from industry valuation companies announcing that no adjustments will be made to trade prices.

The data, which was compiled by Auto Trader, shows that all fuel types saw a small like-for-like drop in prices last month, with diesel down by 1.2 per cent, alternatively fuelled vehicles down 1.4 per cent and pure electric vehicles cut by 3.8 per cent. Only petrol-powered cars saw an increase, up a modest 0.5 per cent.

Richard Walker, Auto Trader’s data and insight director, says: “There’s no question the industry is facing a huge pressure, but to ensure we can return to health as quickly as possible; we urge retailers to resist the temptation to reduce prices.

“Many of our indicators suggest the market is capable of picking back up almost where we left off before the COVID-19 pandemic shook the industry, and we must be ready for when the Government restrictions lift.”

Auto Trader figures showed that though customers can’t currently visit dealerships under lockdown rules, many were still interested in buying a car. Over the last week of March, the company’s classified site saw an increase of eight per cent in the number of vehicles ‘saved’, compared with the same period last year.