Prices for used petrol and diesel cars reach record highs as EVs and hybrids stabilise

Time 10:36 am, October 8, 2020

The prices of used petrol and diesel cars rose to record highs in the third quarter although those of EVs and hybrids stabilised.

That’s according to Autorola UK, which said the industry was starting to settle down to its new normal.

Used petrol vehicle prices went up by 4.4 per cent (£601) to £14,206 and used diesel prices increased by 5.3 per cent (£582) to £11,383 from the second quarter.

The increase is even more dramatic compared against the rise of online used prices since the first quarter, it said the online used car trader, with petrols going up by 9.4 per cent (£980) and diesel prices by 11.3 per cent (£1,447).

Jon Mitchell, Autorola UK’s group sales director. said those kinds of price levels had never been seen by the company in its 15-year history.

‘Demand for used cars on our online portal since June has been very strong and there is no sign of it abating.

‘Our stock is gradually starting to rise to nearer 7,000 vehicles based on new part-exchanges coming into the market from the 70-plate, but still the market demand exceeds supply,’ he said.

‘It’s interesting to see diesels continue their strong performance in the used market, while environmental powertrain prices have stabilised after many months of rises.’

Hybrids and EV prices have now stabilised, said Autorola, which attributed it mainly to consumers considering them pricey versus identical petrol and diesel models.

In the third quarter, average EV prices got to £16,019, which was just £16 more than in the first quarter.

Hybrids actually dropped by £561 from £16,778 in in the first quarter to £16,197 in the third.

Average mileages fell across the stock sold by Autorola sold in in the third, which it said was mainly down to journeys being curtailed during lockdown.

That also contributed to the third-quarter price rises. However, it said it was currently seeing demand for used cars irrespective of their age and price as dealers bought stock to meet consumer interest.

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