According to eBay Motor Group’s latest Market View, this is the largest month-on-month rise this year.
The franchised sector recorded the biggest increase of 7.7%, Car supermarkets saw an average rise of 6.8% and independent retailers an increase of 5.8%.
Dermot Kelleher, Head of Marketing and Research at eBay Motor Group, said, “Through September we can see evidence of dealers across all sectors holding firm on their advertised prices, an absolute necessity for those who paid the going rate at wholesale where values have been rising for several months. On Motors.co.uk we’ve tracked a rise in retail prices since June and expect this to continue into Q4 and possibly beyond”.
Stuart Pearson, Chief Operating Officer at BCA also commented that used car prices are likely to rise to ‘another new level that once didn’t seem possible’. This comment comes after the accelerated wholesale demand during August which resulted in BCA car auctions surpassing the £10,000 mark for the first time ever.
“The current dynamics seen in the used vehicle sector are very much amplified by challenges around new car supply, and we’ve seen high levels of buying activity from the franchised dealer sector at a time when traditionally they would have been focussed on the preparing for the new plate change”.
Audi A3 was a strong performer during September and saw a month-on-month price jump by 6.3% with a year-on-year increase of 18.2%.
Motor Group’s Market View also showed that in September, cars priced from £10,000-£15,000 and £15,000 to £20,000 sold fastest, in 31 and 32 days, whereas the average amount of days to sell slightly increased month-on-month from 34.6 days to 35.4 days.
The Ford Edge was the fastest selling car averaging just 20 days on dealer forecourts, followed by the MG ZS (21.8 days) and the Kia Sorento (21.9 days).