Used petrol and diesel prices rise as second-hand market rebounds
The used market has recovered dramatically from its Q2 slump, bringing an increase in both petrol and diesel prices, according to Autorola.
Following an “unusual” Q2 that saw an across-the-board fall in used car prices, Q3 brought a 21% increase in overall wholesale demand compared with Q2, with the general market feeling buoyant and positive after a very quiet Q2.
Diesel prices rose 1.9% (£237) to £12,305 despite an average mileage increase of 714 miles to 29,351 miles, while average age remained at 34 months.
Used petrols rose 2.2% (£220) to £10,100 on the back of a fall in average age from 32 to 31 months, while mileage remained consistent at 18,400 miles.
Sales of hybrids and EVs actually doubled during Q3 on the Autorola portal but due to an increase in average age from 18 to 43 months and average mileage from 7,813 to 19,061, prices fell by £4,081 (24%) to £12,594.
However, the firm said it’s experienced a much higher demand for hybrids and EVs during 2019, reinforcing that they are now gaining much wider acceptance in the mainstream used market.
“The Q3 used market has been very busy with confidence coming back from buyers and sellers alike. Prices have increased very slightly but more importantly the market is thriving,” explained Jon Mitchell, Autorola UK’s group sales director.
“We haven’t seen the pre-registered cars coming into the market impact on our platform sales as generally the average age of used cars is between 24-36 months of age.
“What we have seen is the continued increase in interest for low- or zero-emission cars in the used market, which is likely to continue to grow,” he added.