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Rising used petrol and diesel car prices contributed to a strong overall market in the first quarter of 2023, according to Autorola UK.
The online remarketing platform said it saw the strongest quarterly revenues in its 17-year history.
Used petrol car prices rose by 6.1% during the quarter to an average of £14,926, while the average diesel car price was up by 1.8% to £18,331. Between them, these two fuel types accounted for more than 90% of the overall market, with 64.9% and 26.4% shares respectively.
Hybrid car prices fell by 8.2% in Q1 to an average of £23,822, and took a 7.5% market share. Pure EV prices were down by 2.8% to £27,434 on average, with a market share of only 1.2%.
Despite their low market share, Autorola group sales director Jon Mitchell said EVs still accounted for most of the conversations he had with vendors and buyers during the quarter.
He said: "It's unusual that over 90% of the used cars we sold in Q1 were petrol and diesel but most of their questions were around EVs.
"Just 1.2% of the used cars we sold in Q1 were electric, but everyone remains fascinated about when both demand and prices will settle down.
"Demand for EVs remains tough although dealers were only bidding on the older, cheaper models to add to their stock in Q1. Overall, the used market has been very strong since the New Year and has continued in this vein during April."
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