Record used car prices reported
05 February 2019
Author: Sean Keywood
The average price of both diesel and petrol used cars rose to a record high in the fourth quarter of 2018, according to remarketing firm Aston Barclay.
The average diesel car price was £8,818, while for petrol cars it was £4,651 - rises of £67 and £326 respectively over the third quarter.
Aston Barclay puts the increased values down to a shortage of new cars following the introduction of WLTP in September.
It says WLTP also caused contract extensions within the leasing sector, restricting the supply of ex-fleet cars entering the used market, with the average price of these vehicles up by £49.
The average price of alternatively fuelled cars fell from £13,073 to £12,714, which Aston Barclay put down to a restricted mix of stock.
Commenting on the overall market, Aston Barclay group managing director Martin Potter said: "Q4 saw the impact of September's WLTP introduction continue to rumble on within the used vehicle sector, with restricted supply and increased demand resulting in price increases across all sectors except for late and low cars.
"The price increases with the dealer part exchange sector during Q4 have been healthy and with Brexit looming the demand for cheaper used cars looks set to continue.
"The coming 12 months look positive for the used vehicle market yet will undoubtedly bring challenges too - the obvious one being how Brexit ultimately plays out.
"The used vehicle market is in a strong, resilient position and held firm during its market challenges in 2018."