Used diesel models record a 6.6% price increase
Despite the uncertainty over the 2030 ban on ICE engines and a general shift towards hybrid and EV models, prices of diesel used cars reached a new high during the Q1 2021 lockdown, according to Autorola, in the online remarketer’s latest report.
At an average age and mileage of 33 months and 25,437 miles, diesel model prices rose to a record £14,769 from £13,847 in Q4 2020 – a rise of 6.6% or £922. In fact, wholesale diesel sales reached record levels for the second successive quarter, accounting for 43.6% of all used cars Autorola sold online during Q1.
Hybrid used car sales were also strong during Q1, making up 5.0% of Autorola volumes – reinforcing their increased desirability. Although, Hybrid prices fell slightly to £14,812 on the back of a rise in average age and mileage to 35 months and 24,797 miles. However, these compare favourably with EVs, which saw a fall in both volumes and prices during Q1.
That fall in used volume saw EV prices decrease by 19.6% (£3,391) from £19,978 in Q4 2020, to £16,047 in Q1 2021 – as the average age rose from 24 to 27 months. In fact, Autorola saw EV sales halve during the quarter, as the trade cleared out its less desirable stock. EV prices are still struggling to find any level of consistency according to Autorola research, having been as low as £11,100 and as high as £19,900 during the past 15 months.
Used petrol prices remain consistent in Q1, rising by an average of 2.6% (£286) from £10,706 in Q4 2020 to £10,992, as average age rose from 32 to 34 months and average mileage fell from 19,336 miles to 17,961 miles. Petrol cars accounted for 51.4% of Autorola’s total sales in the quarter, which was a fall from Q4.
“Diesels have been written off by many simply because new car sales have fallen dramatically, but in the used market, demand and prices have been very strong for the past 12 months,” explained Jon Mitchell, Autorola UK’s group sales director.
“We are likely to see this continue as used stocks begin to fall over the coming years. The popularity of hybrids is becoming very consistent, while EV prices continue their rollercoaster ride and show no signs of stability,” he added.