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The average price of ex-fleet cars sold at auction hit a new record high in the fourth quarter of 2022, according to Aston Barclay.
The auction company said a shortage of ex-fleet stock helped the average value of those that did come up for sale to hit £16,206, a 2.5% rise compared with Q3, despite their average mileage also increasing. It is also expecting ex-fleet cars to get older, with up to 40% of contract hire fleets reportedly on extended contracts as they wait for new vehicles.
There was also a big increase in values for dealer part-exchange cars between 55 and 75 months old, which increased by 6.8% to £11,095, while budget cars also hit a new record high, at £2,162.
However, there was a 15.5% fall in the average used EV price, from £31,349 in Q3 to £26,483, which Aston Barclay attributed to the rising cost of living cooling consumer interest in switching to them.
Aston Barclay chief revenue officer Mark Hankey said: "Used EV prices were unlikely to stay at record highs forever and it took the rising cost of living to contribute to a major market correction.
"A £10k difference in the price of the same car with different fuel types has seen consumers move towards petrol and hybrids.
"However, we are on a one-way road towards EVs with new car take up continuing to grow. Some vendors expect to reach BEV/ICE used car parity in 2024 and as EV volumes continue to rise, prices should stabilise."
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