Used cars are getting older, on average, yet prices of diesel, petrol and used hybrids have remained “remarkably” stable over the past 12 months, according to Autorola.

The online remarketing specialist said the “havoc” is being caused by the continuing shortage of new cars, which is causing replacement cycles to be extended.

Between Q3 2021 and Q3 2022 the average age of used diesels rose from 34 to 44 months and petrol cars from 33 to 39 months while EVs and hybrids remained at 20 and 30 months over the same period.

Contract extensions continued to impact average mileages, too, with used diesels increasing by 23.4% (6,137) to 32,339 miles and used petrols by 23.1% (3,841) to 20,442 miles during the 12-month period.

In the same period, diesel prices fell by just 2.2% (£436) to £19,322, petrols by 0.7% to £14,649, while hybrids rose by 3.4% (£794) to £24,062 as average mileages fell by 3,066 miles.

EVs however broke all the rules with prices rising by an amazing 34.3% (£7,811) to £30,529 from Q3 2021 to Q3 2022 despite average mileages rising from 9,375 to 10,360 miles. EVs remain in high demand and in short supply and make up just 3.4% of the used cars Autorola sold online in Q3 2022.

Used petrols (65.6%) and diesels (23.7%) continue to make up the lion share of the market with hybrids 7.3%.

“It seems mad that the prices have remained so stable during a 12-month period when the average age and mileage of used cars continues to rise. However, the restricted new car production is to blame as demand continues to exceed supply,” explained Jon Mitchell, Autorola UK’s group sales director.

“EV prices continue to go through the roof, but we are still selling only a few hundred used cars each quarter. They are setting the pace, while petrol cars remain the most in-demand fuel type in the market currently,” he added.

Stock shortages look set to continue to drive high used car values and car retailers’ margins in the months ahead.

Even ahead of last month’s 4.6% new car registrations uplift on a constrained 2021 number plate change month, The National Association of Motor Auctions’ (NAMA) warned that forecourts are unlikely to benefit from “significant volumes” of additional stock.

Auto Trader claimed that advert views on its automotive marketing platform had remained buoyant during September, however.