The used car market performed well during the first quarter of 2019, despite the challenges faced by the UK economy.
This is according to Aston Barclay’s latest Used Market Insights report, which found that the biggest changes within the used sector were the Q1 price reductions within the late, low and fleet sectors, while prices for hybrid/EVs reached an all-time high.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The average price of late and low vehicles dropped £1,005 to $14,243, compared to Q4 2018’s record high of £15,248. Despite the price reduction, year-on-year values were up 6.7%.
Increasing demand in the trade and consumer markets has helped to push the average price of hybrid/electric vehicles to a record £13,736 during Q1. Quarter-on-quarter diesel and petrol car prices dropped to £7,501 and £4,206 respectively.
Martin Potter, group managing director of Aston Barclay, said: “Q1 2019 has again proved the resilience of the used car market and there are further signs that EVs and hybrids are gaining popularity, although volumes in the auction hall are still low.
“Q2 is likely to be slightly trickier for the used car market, faced with the start of the bank holiday season, and the additional volume coming into the wholesale market from a strong March plate-change which traditionally causes pressure on pricing.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAston Barclay recently announced a remarketing deal with Vauxhall Finance, agreeing to manage up to 5,000 used cars annually – made up of a mix of contract hire and PCP returns, as well as voluntary terminations and repossessions.
Neil Hodson, group chief executive of Aston Barclay, said: “We are pleased to welcome Vauxhall Finance to the Aston Barclay family. They have an extensive range of cars that we know from our buyer based are in demand and we look forward to playing an integral part in their remarketing strategy.”
