Average used petrol prices rose 15.5% and by nearly £1,400 to £10,370 during 2018 according to an analysis of used cars sold online by Autorola UK.
Petrol cars started 2018 in Q1 at £8,978 and rose to £10,370 in Q4, an increase of £1,392, despite the average age and mileage remaining consistent at 31 months and 18,000 miles.
Average used diesel prices fell slightly by £140 in Q4 2018 to £12,522, from £12,662 in Q3, following an increase in average age and mileage to 33 months and 27,429 miles.
However, the average Q4 used diesel price was still the second highest recorded by Autorola, with used diesel demand staying strong throughout 2018, particularly in the SUV and 4x4 sectors.
Jon Mitchell, Autorola UK’s group sales director, said: “Overall the used market performance in 2018 was very strong. Petrol prices rose every quarter to a record high and dealers are definitely looking to source more used petrol cars to satisfy demand from consumers,.
“Used diesel demand has also been constant, particularly in the SUV and 4x4 sectors where diesel is still the preferred fuel of choice from consumers.
“In 2019 we believe used demand will remain strong as dealers continue to invest more money and time in growing this area of their businesses.
“However, prices may start to flat line as the market has seen constant price growth over the past two years and we don’t believe this can continue for ever."