Online used car prices reach three-year high in Q1, reports Autorola
Prices increased by £140 in Q1 2015, from £8,484 to £8,624 in the first quarter of 2015 compared with Q4 of 2014. The previous highest was £8,552 in Q1 2013.
Typically the average age of stock in Q1 2015 was 33 months (compared with 34 months in Q4 2014) while mileage reduced slightly to 21,407 miles in Q1 compared with 22,811 miles in Q4.
“We have seen prices reach their high level on the back of slightly lower volumes of used cars being offered for sale in the market during Q1 2015,” explained Jon Mitchell, Autorola UK’s sales director.
“Part exchange volumes were slower to come to market on the back of the 15-plate change this year. Combine that with stock sold on our portal getting slightly younger and with reduced mileages than in Q4 2014, this has also helped prices increase,” he added.
When reviewing prices against the used value guides, Autorola has seen prices achieve 102% during Q1 2015, which was slightly higher than in 2014.
“Performance against the used value guides shows that online prices are staying strong which is helped by the growth in brand repatriation among challenger car maker brands, which has helped increase buyer demand. With more large fleet vendors including online as part of their overall remarketing strategy, the type and age of stock we are selling is constantly changing which is also helping keep our 2,000 active buyers happy,” said Mitchell.