08 October 2020
Author: Sean Keywood
The price of used petrol and diesel cars reached a record high in the third quarter of 2020, according to remarketing firm Autorola UK.
It says petrol car prices rose on average by 4.4% compared with Q2, reaching £14,206m while diesel car prices were up by 5.3% to £11,383.
Compared with Q1, these are increases of 9.4% and 11.3% respectively, taking prices to levels Autorola says it has never seen before in its 15-year history.
In contrast, the average used EV price has risen by just £15 since Q1, to £16,019, while hybrids are down by £561 to £16,197.
Average mileages fell across the board during Q3, which Autorola attributes to journeys being curtailed during the coronavirus lockdown.
It says this will have contributed to price rises, but adds that it is currently seeing strong interest in all used cars, regardless of age and price, as dealers buy stock to meet customer demand.
Autorola UK group sales director Jon Mitchell said: “Demand for used cars on our online portal since June has been very strong and there is no sign of it abating.
“Our stock is gradually starting to rise to nearer 7,000 vehicles based on new part exchanges coming into the market from the 70-plate, but still the market demand exceeds supply.
“It’s interesting to see diesels continue their strong performance in the used market, while environmental power train prices have stabilised after many months of rises.”