Used car prices fall for first time in two years

"No crash in used car prices in sight", rather a gradual return to pre-pandemic levels

Used car prices fall for first time in two years

The average price of used cars fell for the first time in more than two years, according to the latest data from the Office of National Statistics (ONS).

Second-hand car prices dropped by 2.7 per cent in the year to October, the first negative month recorded since the start of the pandemic.

Second-hand cars soared in value due to the shortage of semiconductor chips affecting supplies of new models, by as much as 30 per cent during the past year.

Speaking to the Telegraph, an Auto Trader spokesperson said: “Broadly speaking, average prices are up around £2,000 on what we would normally expect to see.

“Contrary to some speculation, from what we’re seeing in our data, there’s no crash in used car prices in sight, but rather a gradual return to the levels we saw pre-pandemic.”

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