Electric car used prices surge 41% in Q1 as diesel cars flatline
Autorola, the UK wholesale vehicle auction portal has reported an overall increase in used car values of 5.3% in Q1 2018 over Q4 2017. Key statistics include;
- Electric car used prices up 41% compared to previous quarter
- Used petrol prices reaching an all-time high at £8,978
- Diesel values flatline despite more cars offered for sale
On average Autorola saw prices increase to £10,008 during Q1 from £9,504 in Q4 of 2017.
Encouraging news for Electric Car owners is the 41% increase in average selling prices. Q1 average prices were £19,789 from £13,981 in Q4. Although the number of electric cars sold was relatively small the average age it reflects that dealers are considering adding them to their stocks. The price increase was also affected by the average age falling to 9 months from 15 months, and average mileage reducing by 6,086 to 3,662.
Petrol cars also showed a small rise of 5.6%, up from £8,495 to £8,978, an all time high. Additionally average mileage fell 11% to 18,444 from 20,729 miles.
Despite a 48% increase in diesels being sold in Q1 prices remained flat for diesel cars. A 0.3% rise in average value to £11,158 was disappointing compared to the other fuels. Car ages were up slightly by 3 months and average mileage increased 2,700 miles.
Jon Mitchell, Autorola UK’s group sales director stated: “Demand for used stock has been very strong during quarter one, reinforcing that franchised dealers are turning their attention to selling more used cars as new car sales continue to fall, while independent dealers are simply selling more used cars. Diesel prices remain strong despite the higher volumes we saw coming onto our online portal, while used petrol prices have reached an all-time high. The used market has had a very positive quarter one,” he added.