How much is the average second hand car UK?
Our monthly Retail Price Index shows that the average price of a used car was ꌗ,173 in July, marking a 19.5% increase on the same time last year on a like-for-like basis.
Are second hand car prices still high UK?
The main reason for this is the shortage of new cars, but another major factor is the average cost of cars being sold – alternatively-fuelled cars are grabbing a larger slice of the new car market every month, and these cars tend to be more expensive than petrol- and diesel-powered cars.
Why are 2nd hand cars so expensive UK?
Used car prices have likely peaked, but new car prices are set to remain elevated through end-2022. In 2023, prices are expected to decline by 2.5% to 5% for new cars and by 10% to 20% for used cars.