The national average price of a used car in Britain was £12,800 last year, 0.6% up on 2018, according to the Auto Trader Retail Price Index.
Auto Trader believes the increase will provide stability for the market and boost confidence in the sector. It also means stronger part-exchange values, as well as higher used car prices.
“Lower consumer confidence, global economic uncertainty, as well as the adjustment of market values all proved challenging for the industry in 2019,” Auto Trader’s Commercial Director Ian Plummer explained. “But despite the tough environment, the used car market has shown its resilience as transactions remain stable, and prices held up over the year. With greater certainty following the General Election result in December, we are optimistic for a more positive outlook for 2020.
“There are some really positive trends to draw out in the market – continued strong performance of the premium segment, growing consumer interest in SUVs and the continuing rise of AFVs.
“AFVs and zero emission vehicles have grown in popularity over the last year and looking ahead we expect this to continue on its upward trajectory. With 24 new EVs coming onto the market in 2020, we may well see older models become more affordable in the used market soon.”