The average age and mileage of used cars at auction has continued to rise in the second quarter of 2022, according to Autorola.
New car supply delays are to blame, according to the remarketing firm, leading to people keeping their existing cars for longer.
Used diesel cars were most affected having seen average age of stock rise from 35 months and 25,718 miles in Q1 to 43 months and 31,050 miles in Q2. Used diesel prices fell by 12.4% (£2,572) to £18,907 during the same period.
The average age and mileage of used petrols increased from 35 months and 17,897 miles in Q1 to 39 months and 20,508 miles in Q2. Prices fell by 12.4% (£2,045) to £14,387. Meanwhile, the average age and mileage of hybrids rose to 31 months and 19,769 miles, but prices bucked the trend and rose by 10.5% in Q2 (£2,171).
EVs continued their meteoric price rise by 3.0% (£878) from £28,988 in Q1 to £29,866 in Q2 as age and mileage remained static at 19 months and 10,000 miles.
Jon Mitchell, Autorola UK’s group sales director, said: “The trends show how the market is changing as some leasing and finance companies report that up to 40% of their fleets remain on extended contracts. Used cars continue to get older.
“Buyers and vendors need to be extra vigilant as stock profiles and prices are likely to continue to change over the next couple of years. Vendors need to review their used car mix closely to ensure they set realistic wholesale reserves at auction to optimise conversion rates. Buyers need to make sure they pay the right price at auction and then set accurate retail prices to ensure their cars are competitive.”
Demand for new and used vehicles declined for a fourth consecutive month in June, data from iTrackLeads has found.
Overall enquiries declined by 16%, and sales fell by 12.5% against the same month last year, according to the data.
Test drives declined by 14%, and vehicle handovers fell by 35%.