Used Car Prices Drop in Q2
As an online car fleet insurance comparison site we found that the data from online remarketing platform, Autorola shows that the average price of used cars sold through their website fell by £394 in the second quarter of 2017 to £9,237. This comes after the record-breaking numbers of the first quarter of the year, when the average used car price was £9,621.
Generally there is not a great variance in used car prices throughout the year, with the average price rise being just £83. As well as the change in value for used cars in Q2 2017, the average mileage rose to 21,551 and the average vehicle age increased to 33 months.
Autorola’s survey included both petrol and diesel buyer and found that although diesel prices fell quite significantly in Q2, they are still the vehicle of choice for trade buyers.
Autorola UK’s group sales director, Jon Mitchell said – “There were more used cars around in Q2 than Q1, that were older and with slightly higher mileages. All of these factors combined to contribute to prices falling,” “We saw diesel prices fall in Q2 faster than petrols, but we will have to wait a few more months to see if this was a one-off or the start of a more long term fall.”
