The used car market in UK continues to break records and despite inflationary pressures, used car prices continue to rise.

According to data from the Auto Trader Retail Price Index that analyses roughly 900,000 vehicles across the country, average used car prices jumped 15.6 per cent in August from August 2021, marking the 29th month of consecutive price growth. Prices jumped by 0.3 per cent from July to August this year.

The average price for a used car in the UK is now up 36.4 per cent from August 2020 and 43.4 per cent from August 2019. Interestingly, used car sales in Q2 of this year were down 13 per cent from Q2 2019 and while this led some to the conclusion that demand was slowing, this drop in sales was actually triggered by supply constraints.

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A look at the used prices of individual models reveals that the pint-sized Peugeot 107 has seen its average asking price jump to £3,652 ($4,187), a massive 43.2 per cent increase over August 2021. Elsewhere, prices of the Fiat Punto have jumped to £4,802 ($5,506), up 39.5 per cent, the Renault Scenic is going for £7,501 ($8,600), up 38.5 per cent, and the average used Toyota Prius has a price of £15,388 ($17,644), a 38 per cent jump from August last year.

There are some models that are cheaper now than they were in August 2021, however. For example, the Audi SQ5’s value has dropped by 4.4 per cent to £34,325 ($39,358), the Land Rover Discovery 4 is down 5.1 per cent to £20,085 ($23,030), the BMW 8-Series has dropped by 7.4 per cent to £53,206 ($61,007), and the average price of a used Jaguar XK has plummeted 12 per cent to £22,366 ($25,645).

“The NFDA expects used car values to remain robust for a while longer, contrary to some reports, with a restricted supply of reliable and good quality used cars as a leading factor in driving values higher,” chief executive of The National Franchised Dealers Association (NFDA) Sue Robinson said. “The well documented global supply constraints having an adverse impact on the supply of new cars, is subsequently boosting consumer appetite for used cars as the next best alternative.”