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The average used car price rose 5% in January to a new high of £18,937.
This marked the seventh straight monthly gain on Motors.co.uk, according to eBay Motors Group.
The increase equates to a month-over-month increase of £837, with prices trailing 4% ahead of January 2022.
Increases were felt across all three major retail sectors, led by franchise dealers £24,773 (+5%); followed by independents at £14,087 (+3%) and supermarket cars at £18,640 (+1%).
Strong prices have been maintained against a backdrop of dealers stockpiling fewer cars and taking longer to sell them.
The average stock level fell month-over-month from 59 to 55 units (-7%). The decline was led by supermarkets which fell from 37 to 33 units (-11%), followed by car supermarkets which fell from 412 to 398 units (-3%). Meanwhile, franchise dealers remained unchanged at 85 units.
Dealers need three extra days to sell a car in January than it did in December, an average of 42 days. This is an increase from the 46 days recorded 12 months ago.
Improvements were felt across sectors with franchise dealers an average of 34 days, four more than December, car supermarkets 37 days (+6 days) and Mandiri 54 days (+7 days).
The fastest selling by price brand was achieved by advertised vehicles from £15,000-£19,999 (35 days), followed by £20,000-£40,000 (39 days).
Lucy Tugby, director of marketing for eBay Motors Group, said: “Many dealers we spoke to have reported a busier than expected January with some tracking of increased buyer activity since Boxing Day. The commitment to spend reflects how important buying a car is to most buyers, especially in the current economic climate where household budgets are under pressure.
“Healthy consumer demand for used cars, in a market with fewer available units, helped drive the seventh straight average price increase to £18,937, the highest we’ve tracked on Market View,” he said.
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