Average prices of used cars reached a new record high in quarter three, according to Autorola’s latest used market report.
The analysis is based on vehicles sold through the company’s online portal.
Autorola says the increased demand for used vehicles is due, largely, to the supply issues of new cars, caused by the WLTP change-over. The SMMT reported a 20.5% decline in new car registrations last month.
Average diesel prices rose £823 (6.5%) in Q3 to £12,662 from £11,839 in Q2, reinforcing that diesel demand show no signs of abating in the used market.
A slight fall in average age and mileage from 33 months and 26,112 miles in Q2 to 31 months and 25,880 miles in Q3 helped contribute to the price rise.
Average used petrol prices increased by £596 (6%) in Q3 to £9,800 from £9,204 in Q2, the third successive quarterly price rise. This was assisted by a fall in average age and mileage to 31 months and 17,386 miles from 32 months and 18,277 miles in Q2.
The number of electric/hybrid used cars sold online reached its highest level since Q3 2017 when Autorola first recorded alternative fuel data. However, volumes remain relatively low.
“Just as we think the used car market has reached its price and demand level then we experience another buoyant quarter where prices rise.
“Some car makers have gone on record how WLTP hampered their sales in September and the used market has benefitted with consumers buying used cars ahead of new.
“Even without this September anomaly we have experienced a large demand from our 2,000 live buyers for used stock in July and August,” explained Jon Mitchell, group sales director of Autorola UK (pictured).