London and the south-east experienced the biggest drops in average used car prices in November as part of a wider trend which saw price corrections across the UK.
MOTORS’ November Market View shows London prices dropped 4.3% month-on-month (MoM) from £24,043 to £23,014.
Although the capital remained the most expensive place to buy used cars, significantly higher than the national average of £17,961, this marked the second monthly drop in a row following seven rises since January, peaking at £24,500 in September. Despite this November was up 4.9% year-on-year (YoY).
The south-east recorded a 1.7% MoM fall from £18,077 to £17,776, also the second monthly drop in the row following a succession of steady rises since January, peaking at £18,524 in September. November ended 1.3% up YoY.
Other regions to experience drops in November were East Anglia (-0.9%) and the south-west (-0.8%).
Elsewhere regions more closely reflected the national trend with MoM uplifts, led by Scotland which increased 2.6% from £17,694 to £18,149, a new high for the year but down 2% YoY. The second biggest increase was the north-east, up 2.1% from £15,923 to £16,253 but down 5.5% YoY.
Wales, which maintained its position as having the lowest used car prices in the UK, saw a 0.7% increase from £14,615 to £14,718, a new high for the year and 3.7% ahead YoY.
“November was a month of small but notable used car price corrections across the UK with London and the south-east trending downwards but most regions seeing uplifts above the national average rise of 0.2%,” said Lucy Tugby, Marketing Director of MOTORS.
“Following the upward price movements that followed the pandemic, the market continues to reset with drops mostly across the more expensive regions.
“For dealers this highlights the importance of pricing vehicles as keenly as possible and monitoring national and regional prices because buyers will shop around online for savings, even if it means purchasing outside their local area,” said Tugby
