Used petrol car prices hit record high while diesel demand still strong
Average used petrol car prices hit a record high last year due to incredible growth in demand while used diesels also saw strong demand.
Analysis by Autorola UK of used cars sold online showed average used petrol prices rose 15.5% during 2018, equating to nearly a £1,400 uplift to £10,370.
The remarketing specialist’s analysis of used cars sold online showed petrol cars started 2018 in Q1 at £8,978 and rose to £10,370 in Q4, an increase of £1,392 in just 12 months. Average age and mileage was consistent at 31 months and 18,000 miles.
Autorola added that the figures highlight the incredible growth in demand for used petrols during a single year, some of which may have been driven by the introduction of WLTP in September 2018.
The firm’s analysis also showed used diesel prices rose 12.2% over the year despite a fall between Q3 and Q4. Diesel cars started the year with a figures of £11,158 along with age and mileage of 34 months and 30,323 miles, and rose £1,364 over the year to £12,522 at the end. Although the average Q4 used diesel price was down from £12,662 in Q3, following an increase in average age and mileage to 33 months and 27,429 miles, it was still the second highest recorded by Autorola, with used diesel demand staying strong throughout 2018, particularly in the SUV and 4×4 sectors.
“Overall the used market performance in 2018 was very strong. Petrol prices rose every quarter to a record high and dealers are definitely looking to source more used petrol cars to satisfy demand from consumers,” explained Jon Mitchell, Autorola UK’s group sales director.
“Used diesel demand has also been constant, particularly in the SUV and 4×4 sectors where diesel is still the preferred fuel of choice from consumers.
“In 2019 we believe used demand will remain strong as dealers continue to invest more money and time in growing this area of their businesses.
“However, prices may start to flat line as the market has seen constant price growth over the past two years and we don’t believe this can continue for ever,” he added.