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Used car prices fall as age and mileage of stock increases, Autorola reports
Date: 09 May 2022 | Author: Sean Keywood
Average sale prices of most used cars fell in April, according to remarketing firm Autorola.
It said the average petrol car price fell by 11.6% to £14,514, while the average diesel car price was down by 10.9% to £18,398.
The firm attributed this to a rising average age of vehicles sold, with petrols and diesels increasing by five and eight months respectively to 40 and 43 months, and respective mileage increases to 21,141 miles (up 17.5%) and 30,303 miles (17.8%).
Autorola also saw a decrease in average used EV prices, by 8.4% to £26,546, despite the average age and mileage of these models having fallen, from 19 to 17 months and 11,164 to 8,180 miles respectively.
However, hybrids bucked the trend, seeing values rise by 13.5% to £2,799 despite the average age of vehicles increasing, from 29 months to 33 months, and mileages remaining stable.
Autorola group sales director Jon Mitchell said: "We have seen the 243,479 22-plate new car deliveries from March flush used stock into the market which is great news.
"However, it is obvious that the contract extensions caused by the pandemic have dramatically changed the profile of both fleet and dealer part exchanges coming into the market.
"This trend was coming but it's happened surprisingly quickly after the March plate change."
