Used diesel and petrol prices increased by 1.9% and 2.2% respectively during Q3 as the second-hand market recovered from its Q2 slump, according to Autorola.
The online used car provider found that overall wholesale used demand from dealers increased in Q3, with Autorola seeing a 21% increase in sales compared with Q2. The general feeling around the market is one of buoyancy and positivity following a very quiet Q2.
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Diesel prices rose £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 £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.
“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 concluded.
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