Used fleet vehicles saw their values fall and age and mileage rise in Q1 as the introduction of WLTP led organisations to operate their vehicles for longer, Aston Barclay’s has reported.
Its latest Used Market Insights Report says average age and mileage were up by 0.7 months to 52.5 months and 9.8% to 54,013 miles respectively.
This caused prices to fall £486 quarter-on-quarter to £9,523. However, year-on-year fleet prices are still up by 3.5% (£325).
Meanwhile, hybrid/electric vehicles reached an all-time average high price of £13,736 during Q1 2019 with demand in the trade and consumer markets notably increasing.
Both diesel and petrol prices fell quarter-on-quarter during Q1 to £7,501 and £4,206 respectively from £8,818 and £4,651 in Q4 2018.
Martin Potter, group managing director of Aston Barclay, said: “Q1 2019 has again proved the resilience of the used car market and there are further signs that EVs and hybrids are gaining in popularity, although volumes in the auction hall are still low.
“Q2 is likely to be slightly trickier for the used car market faced with the start of the bank holiday season, and the additional volume coming into the wholesale market from a strong March plate-change which traditionally causes pressure on pricing.”
While new car registrations fell by 2.4% (Jan-to-March), late and low average prices reduced by £1,005 in Q1 to £14,243, compared to Q4 2018’s record high of £15,248, mainly to right themselves against the highly competitive new car offers leading up to the March plate change.
Despite the price reduction, year-on-year values were up by £896 (6.7%).