USED CAR PRICES REACH NEW HIGH

eBay motors reported that used car prices reached a new high in November.

Research showed that the average advertised price of used cars hit a new high for the year in November, according to the latest Market View from eBay Motors Group.

Despite a seasonal slowdown this time of year, dealers continued to hold firm on pricing during November. The average prices for the top 50 makes and models on Motors.co.uk increased by 4.7% from October.

The biggest monthly increase in prices was in the independent sector where the average jumped 9.2% from £10,724 to £11,715. Car supermarkets were up 2.7% to £18,176 and franchised dealers were up 2.3% to £19,541.

Auto Trader has reported that the average price of a used car has risen by £3,000 since May.

“Having paid high prices to source cars, dealers acted strategically and held firm on their pricing in November even as the winter slowdown began. This prompted some strong price performances, even on mainstream cars, which will provide a welcome boost to fourth quarter profitability,” said Dermot Kelleher, head of marketing and research at eBay Motors Group.

One of the standout performers was the Ford Fiesta, with three years/30,000 miles examples averaging £19,137 – up 39.4% in the last six months.

Hybrid was the fastest selling fuel type in November, averaging 34.5 days to sell, followed by diesel (36 days), electric (37.7 days) and petrol (38.5 days).

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