The average value of used cars rose by an average of 5.3% during the first quarter of 2018, according to Autorola UK’s online portal.
Autorola saw prices rise to £10,008 during Q1 from £9,504 in the last quarter of 2017.
Highlights of the first quarter trading in 2018 include a 41% increase in the average selling price for electric vehicles (EVs) - up to £19,789 from Q4 2017’s £13,981.
The number of EVs sold was relatively small, but Autorola says it shows that dealers are beginning to consider EVs to add to their stock mix. Average age falling from 15 months to just nine months, and mileage almost halving from 6,086 to 3,662 also helped contribute to this price increase.
On the traditional fuel front, diesel vehicles returned a slight (0.3%) increase in value to £11,158 – however, cars offered in Q1 were, on average, three months older and had an extra 2,700 miles on the clock than those offered in Q4 of 2017.
There was also a significant 48% surge in numbers of diesels being sold in Q1 compared to Q4 2017, reinforcing prices are remaining strong despite the increase in disposal volumes.
The petrol market saw average prices rise 5.6% to £8,978 (£8,495 in Q4 2017) to an all-time high, due in part to a lower mileage profile (18,444 v 20,729 miles).
Jon Mitchell, Autorola UK’s group sales director, said: “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.”