Used car prices fall during second quarter of 2019, Autorola reports
16 July 2019
Author: Sean Keywood
Values of used diesel, petrol, hybrid and electric cars all dropped during the second quarter of this year, according to online remarketing firm Autorola.
The company says an increase in part exchanges from the introduction of the new 19-plate in March and general apathy caused by Brexit have contributed to the overall decline.
It says the average diesel car price fell from £13,385 in the first quarter of the year to £12,068, while the average petrol car price fell from £10,435 to £9,880, with average age and mileage remaining static with both fuels.
Average hybrid and electric car prices fell from £17,455 to £16,675, with average age up slightly and mileage static - restricted stock availability and choice have been named as factors in the decline.
Autorola group sales director Jon Mitchell said: "It has been an unusual quarter with some large dealer group and car supermarket buyers putting a stop on purchasing used stock in April based on the uncertainty caused by Brexit.
"May and June were much more consistent with buyers investing in used stock again, while dealer vendors made decisions on which part exchanges to keep and which ones to sell which injected life into the market.
"We hope to see the used car market return to business as usual in Q3."