Used car prices fell in Q2
New figures suggest that UK car dealers had a difficult second quarter, partly due to Brexit-related uncertainty.
Prices of used diesels, petrols, hybrid and electric cars all declined in April-June 2019, according to Autorola.
The online remarketing firm said that an increase in part exchanges from the new 19-plate in March and general apathy caused by Brexit contributed to the fall in prices of used cars sold via the Autorola portal.
The average price of used diesel vehicles was down £1,317 to £12,068 in the quarter, following a similar price pattern in the same period a year earlier. The price of used petrol vehicles dropped £555 to £9,880.
There was no change in the average age and mileage of used diesel and petrol vehicles, at 34 months and 28,637 miles, and 32 months and 18,187 miles, respectively.
Used electric and hybrid vehicle prices fell £780 to £16,675 in the second quarter, with average age increasing from 16 to 18 months and mileage remaining static at 7,813 miles.
Autorola noted that, following record sales of used electric and hybrid cars in the first quarter, stock availability and choice was restricted in the second quarter which contributed to the fall in prices.
“It has been an unusual quarter with some large dealer group and car supermarket buyers putting a stop on purchasing used stock in April based on the uncertainty caused by Brexit,” commented Jon Mitchell, group sales director at Autorola UK.
“May and June were much more consistent with buyers investing in used stock again, while dealer vendors made decisions on which part exchanges to keep and which ones to sell which injected life into the market.
“We hope to see the used car market return to business as usual in Q3,” he added.
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