Average used car retail prices fell -3.8% in November year on year, the third consecutive month of YoY decline for retail prices.
The biggest fall was seen with EVs which fell 21.1% year on year. Cars aged below five-years-old recorded a -6% drop in November.
It said this was due to a combination of increased supply over recent months, as well as increasing pressure from new-car deals, particularly among electric vehicles (EV).
In contrast, those cars aged above five-years-old were up 1.3% YoY last month, whilst those aged over ten years-old increased 6.8%, according to the Auto Trader Retail Price Index
It said this variable market strength is reflected in the different sales performance of franchise and independent retailers, with Auto Trader’s sale proxy data indicating a -0.6% and 5.1% YoY respectively.
The average price of low emission vehicles was down -11.9% against November 2022. EVs in isolation, fell -21.1%.
Auto Trader’s director of data and insights, Richard Walker, said: “As we’ve been reporting for some months now, retail prices remain robust across segments of the market, demand is increasing, and cars are selling quickly.
“I’d urge retailers therefore, not to give up potential opportunities based on trade data alone, which only show one side of the story. Car buyers aren’t aware of wholesale trends and are prepared to pay what they think is a fair price based on the retail market value, not what a retailer paid it for.