Used diesel car prices hit a high as used petrol prices start to slow
Used diesel car prices increased again in Q1 2019 to £13,226, according to Autorola, hitting the highest level since it launched its quarterly used car prices report in 2015.
The firm’s figures show diesel used prices rose by 5.6% (£704) in Q1 from Q4 2018 (£12,522) despite an average quarterly mileage increase of 639 miles to 28,068 miles. The average age of used diesel cars sold on Autorola’s online portal remained at 33 months.
Used petrol prices also rose by 2.1% in Q1 to a record high of £10,598 from £10,370 in Q4 2018, but prices have slowed during this period. Average age has increased from 31 to 32 months and mileage also rose slightly from 18,055 to 18,636 miles.
The firm also reported strong used car demand during Q1, with plug-in hybrid and electric vehicles contributing to this sales increase; three times as many ULEVs were sold online during Q1 than Q4 2018. And although volumes are still relatively low compared with petrol and diesel, Autorola said there are definite signs of increased volumes of stock being offered which is being met with strong demand.
Electric and hybrid prices rose in Q1 by £4,595 to £16,783 from £12,188 in Q4. However, the firm added that the stock profile has changed dramatically so it’s difficult to compare quarterly price performance. Average age and mileage also fell in Q1 to 19 months and 9,504 miles from 28 months and 17,482 in Q4.
Jon Mitchell, Autorola UK’s group sales director, commented: “Demand for diesel has been very strong across the board, everything from Focus to SUVs, resulting in a strong quarterly price performance.”
“Petrol continues to create interest with buyers although prices have slowed down, while the supply of hybrids and EVs reaching the market has increased, but consistency of supply and stock profile remains erratic.
“In the run up to the original Brexit decision in March we saw a slight softening of buyer bids and demand, but this is now changing, and we are seeing some great used stock coming into the market fuelled by the 19-plate change,” he added.