The latest on used car prices
March’s Retail Price Index (RPI) from Autotrader shows that prices have remained stable across the used car market despite the current geopolitical conflict and rising fuel costs. In this used car update we take a look at
How the market wrapped up Q1
Shifting supply dynamics and the speed of sale
Rising EV interest
Used market ends Q1 on positive footing
Based on the RPI, month-on-month pricing has softened slightly (-0.2%) which is in line with seasonal norms while year-on-year pricing also softened slightly at -0.4% and average prices increased to £17,370¹. Considering the current geopolitical conflict taking place these figures suggest that there is a strong resilience within the market.
Customer engagement remains high with 88.3m platform visits to Autotrader this month and the speed of sale increasing by 2 days to an average of 25 days to sell¹. This is the joint-fastest speed of sale recorded in the last 24 months¹, highlighting that the market remains resilient in March.
Shifting supply and speed of sale
In the used car market, both speed of sale and pricing are being significantly shaped by shifting supply dynamics. The impact of Covid-19 lockdowns, which effectively paused vehicle production, has resulted in an estimated shortfall of around two million “lost” pandemic-era vehicles¹. We are now seeing the consequences of this disruption reach the core of the used market. Between 2020 and 2023 new car volumes entering the UK market declined by 40%, placing sustained pressure on vehicle availability.
The supply shortage in the younger used vehicles is pushing more buyers to older cohorts, resulting in the 10-15-year-old cohort taking the fastest selling spot in March, with vehicles taking just 24 days to sell on average. Petrol models in this age range moved even quicker, averaging just 23 days on forecourts and taking the fastest selling spot this month¹.
Alongside the increased speed of sale, we have also observed the markets largest price hike for this vehicle segment. On a like-for-like basis there’s been a 9.7% increase, with an average price of £7,020 for a vehicle within this age range¹. This cohort of the market is turning into a rapidly appreciating segment and a major growth engine. Retailers who can pivot their stock profile to adapt to this change in market demand could unlock highly motivated buyers and strong margin potential.
Fuel shortages and EV demand
Despite the surge in fuel prices following the US-Israel conflict with Iran, petrol/diesel vehicles continue to show strong price resilience and fast selling speeds. Petrol vehicles were selling, on average in 24 days and averaging £15,022 with like-for-like prices up 0.6% YoY¹. Diesel vehicles following close behind with an average of 27 days to sell and like-for-like prices rising 2.8% YoY, with prices averaging £14,649¹.
EVs have had a different reaction to the conflict, we’ve observed pricing contract by -5.8% YoY, with prices averaging £22,945¹. Yet March saw the biggest month ever for EVs on Autotrader and EV are selling 1 day faster YoY, averaging 30 days to sell¹. Used EVs (0-5-years-old) have seen leads increase by 15% and now account for almost one-in-five (19.5%) enquiries on Autotrader, marking the highest on record¹. In the 3-5-year-old range, EVs are now priced in line with petrol and diesel equivalents and are selling on average in just 28 days¹. This highlights a strong used market for EVs as they become a more affordable option to everyday buyers, rising fuel prices and global uncertainty have accelerated the shift to electric as drivers look to avoid higher running costs. Used EV enquiries have increased by 39.4% YoY¹.
Set against a backdrop of economic uncertainty and evolving demand, the used car market continues to demonstrate its resilience.
“The wider retailer landscape is undoubtedly facing turbulence right now, with rising energy prices understandably denting general consumer confidence. However, our data proves yet again that the used car market is incredibly resilient. People still need to get to work, run their families, and live their lives, making car ownership an absolute necessity. We’ve seen the market weather similar marco shocks over the years with remarkable stability, and the fact that consumer demand is consistent despite this global uncertainty highlights that buyer intent remains exceptionally strong. For retailers, the key to success will be leveraging data to stay agile, pricing accurately to the live market and capitalising on the high-intent demand that is clearly out there”
The used car market has historically proven robust during periods of economic disruption, and March's data suggests this resilience remains firmly intact. Consumer engagement levels were good, sitting just below the exceptional highs of last year but well above 2024 levels. Crucially, this activity is translating into high-intent buying behaviour. Although the market is facing turbulance, Autotrader offers a number of products to help support retailers navigate this changing market.
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Buying signals tells you which buyers are most likely to buy your vehicles. It shows you what steps buyers have taken before they make contact. Available with every lead, buying signals can help you tailor your approach and fast-track to the sale.
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Market insight provides a live view of market trends so you can see how changes in supply, demand, and pricing will impact your business. Helping you to optimise your current and future forecourt through smarter pricing and sourcing decisions
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Our EV Hub brings together the latest data, insight, and guides on both new and used EVs in one place. It’s a great resource for retailers to tackle customer questions and stay up to date on what’s influencing the market.
¹Autotrader Internal Data March-26
