Average used car prices rise £822 in September as Ford Focus values increase 21% year-on-year, reports eBay Motors Group
- Average advertised prices on Motors.co.uk rise 6.5% to £13,504
- Fastest selling cars in £10,000 to £15,000 range, selling in 31 days
- Stock volumes drop month-on-month from 38.3 to 36.9 units
4 October 2021 September saw the average advertised price of used cars jump by £822, the biggest month-on-month rise this year, according to the latest Market View from eBay Motors Group.
The average list price of the top 50 makes and models advertised on Motors.co.uk increased by 6.5% to £13,504, up from £12,682 in August.
The biggest increases were recorded in the franchised sector, up 7.7% from £15,083 to £16,243, followed by car supermarkets which saw averages rise 6.8% from £13,928 to £14,881, while independent retailers saw an increase of 5.8% from £8,820 to £9,331.
Increasing wholesale values, coupled with ongoing high consumer demand, saw strong advertised price performances for mainstream and prestige models with the average price of a Ford Focus (under three years old and with less than 30,000 miles) seeing its average monthly price rise 4.4% to £17,249, representing a £2,847 increase since January and an astonishing 21% increase year-on-year.
Similarly, another strong performer during September was the Audi A3, which saw its month-on-month price jump by £1,684, or 6.3% to £28,350, a year-on-year increase of 18.2%.
"The used car market continues to experience an intense period of diverse market dynamics, with some strong price rises being driven by unsated buyer demand, combined with ongoing restrictions in stock supply," said Dermot Kelleher, head of marketing and research at eBay Motors Group.
"Through September we can see evidence of dealers across all sectors holding firm on their advertised prices, an absolute necessity for those who paid the going rate at wholesale where values have been rising for several months. On Motors.co.uk we've tracked a rise in retail prices since June and expect this to continue into Q4 and possibly beyond."
The sweet spot in September were cars priced from £10,000-£15,000 and £15,000 to £20,000 which sold in 31 and 32 days respectively.
Ongoing pressure to replenish forecourts continued with average stock volumes dropping to 36.9 units, compared to 38.3 in August and down 20.6% on 46.5 in September 2020. Independent dealers saw stock volumes most significantly down year-on-year, by an average of 7 units per forecourt (-21%), followed by franchised dealers who saw a 14% decline on average.
Average days to sell increased slightly month-on-month from 34.6 to 35.4 days.
The fastest selling car was the Ford Edge, averaging just 20 days on dealer forecourts. Followed by the MG ZS (21.8 days) and Kia Sorento (21.9 days), as compact and large SUVs continued to dominate the top 10 fastest movers on Motors.co.uk.
Diesel continued to be a fuel to be reckoned with on the used market, accounting for 43.8% of all dealer stock, 45.1% of online views and averaging just 33.3 days to sell.
Petrol continued to dominate stock volumes at 52.8% and views at 51.8% but sold slower at 36.5 days.
Hybrids and electric cars made up the balance of dealer stock volumes with days to sell averaging 39.2 and 48.9 days respectively.
Data source: Motors.co.uk data, eBay Motors Group Data Warehouse, September 2021 vs. August 2021 and September 2020.