Demand for used diesel cars has driven average values up by 11.3% to the end of Q3 2020, outstripping increases among any other fuel type, according to Autrola market data.
While alternative fuel vehicles (AFV) prices were seen to stabilise in the used car market, evidence that demand is starting to outstrip a limited supply of diesel cars was evident in the latest market data compiled by the online remarketing specialist.
The average price of a petrol car rose by 4.4% (£601) to £14,206 from Q2 to Q3, while used diesel prices rose by 5.3% (£582) to £11,383 during the same period.
Looking at the rise of online used prices since Q1 the increase is even more dramatic with petrol prices rising by 9.4% (£980) and diesel prices by 11.3% (£1,447).
Hybrids and EV prices, meanwhile, have stabilised during 2020 in a trend which Autorola puts down to their relative expensive over petrol and diesel equivalents.
In Q3 average pure electric vehicle (EV) prices reached £16,019, just £16 more than in Q1, as the average hybrid actually declined by £561 from £16,778 in Q1 to £16,197 in Q3.
Jon Mitchell, Autorola UK’s group sales director, said: “Demand for used cars on our online portal since June has been very strong and there is no sign of it abating.
“Our stock is gradually starting to rise to nearer 7,000 vehicles based on new part exchanges coming into the market from the 70-plate, but still the market demand exceeds supply.
“It’s interesting to see diesels continue their strong performance in the used market, while environmental power train prices have stabilised after many months of rises,” he added.
Average mileages fell right across the stock Autorola sold in Q3 mainly down to journeys being curtailed during the lockdown, which contributed to the Q3 price rises.
Autorola said that it is currently experiencing demand for all used cars, irrespective of age and price, however, as dealers battle to buy stock to meet consumer demand.