The used car market saw consistent 90% conversion rates during the first quarter of 2020 with dealer part exchanges and petrol stock returning record prices, according to the latest Aston Barclay Market Insights report.

Fleet prices rose during Q1 with the first 10 weeks of 2020 extremely buoyant, until the COVID-19 lockdown affected sales volumes, while prices remained stable.

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The high demand for sub-£10,000 stock fuelled the Q1 market and Aston Barclay expects this to continue as consumer confidence returns to the market later in 2020 and 2021.

“All our part exchange sectors have experienced high demand and prices during Q1. Dealers need to keep a close eye on stock mix to ensure they have plenty of cars priced between £3,000-£9,500, which remains the current sweet spot of the market,” explained Martin Potter, Aston Barclay’s managing director, auctions.

The young dealer part-exchange sector (55-78 months in age) rose 3.8% (£237) from £6,153 in Q4 2019 to £6,390 in Q1 2020 and the old sector (79-126 months) rose by 4.2% (£146) from £3,408 in Q4 2019 to £3,554 in Q1 2020. Both sectors reached their highest prices since Aston Barclay launched its Market Insights report in 2017.

Petrol car prices reached their second highest level up 9.8% from £4,470 in Q4 to £4,910 in Q1, fuelled by the popularity in smaller petrol hatchbacks. Diesel prices at £7,613 fell back slightly from Q4 19 and the market is starting to see more consistency in hybrid and electric car prices. Average Q1 prices at £13,332 fell just £43 from Q4 2019, despite a 30% increase in hybrid and EV entries.

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“We have certainly seen more hybrids and EVs go through auction in Q1 and we believe this trend will continue. Once again used cars in this sector could benefit from the limited new car supply coming into the market over the coming months,” explained Potter.