Prices of second-hand cars have fallen on average for the first time in more than two years, according to the latest data from the Office of National Statistics (ONS).
Used car prices dropped 2.7% 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 and even with October’s dip are still up by
Used car prices have soared by as much as 30% during the past year though started to ease as the
Car marketplace Auto Trader prices are turning down only slowly with asking prices still edging higher but at a slower rate.
“Broadly speaking, average prices are up around £2,000 on what we would normally expect to see,” a spokesperson told the Telegraph, adding the market is seeing a steady return to pre-pandemic prices.
Shares prices in car dealers Lookers eased to 78.3p, Pendragon down 1.1% to 26.8p with Vertu unchanged at 47.6p.