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Big increase in used petrol car prices reported
Date: 11 January 2019 | Author: Sean Keywood
The average price of used cars with petrol engines rose by 15.5% during 2018, according to remarketing firm Autorola.
Its data shows the average value of used petrol cars was £10,370 in the fourth quarter of the year - up by nearly £1,400 on the £8,978 average seen in the first quarter.
Autorola says the average age and mileage of vehicles sold was consistent at 31 months and 18,000 miles, suggesting a genuine increase, which could be partly down to the introduction of WLTP in September.
Average used diesel car prices fell from the third quarter to the fourth quarter by £140 to £12,522, following an increase in average age and mileage to 33 months and 27,429 miles.
However, this is still the second highest ever recorded.
Autorola UK group sales director Jon Mitchell said: "Overall the used market performance in 2018 was very strong. Petrol prices rose every quarter to a record high and dealers are definitely looking to source more used petrol cars to satisfy demand from consumers.
"Used diesel demand has also been constant, particularly in the SUV and 4x4 sectors where diesel is still the preferred fuel of choice from consumers.
"In 2019 we believe used demand will remain strong as dealers continue to invest more money and time in growing this area of their businesses.
"However, prices may start to flatline as the market has seen constant price growth over the past two years and we don't believe this can continue for ever."
