Rising petrol and diesel used car prices steer strong Q1

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Rising used petrol and diesel costs contributed to a robust used automotive market in Q1. Used petrol costs noticed the largest achieve in Q1, up 6.1% to £14,926 whereas diesel costs rose by 1.8% to £18,331.

Hybrid costs had been the largest casualty in Q1 falling -8.2% to £23,822 whereas EVs fell by -2.8% to £27,434, with sellers selecting to purchase older cheaper EVs so as to add to their forecourts, in line with Autorola.

In whole used ICE automobiles accounted for 91.3% of Autorola’s on-line used gross sales in Q1 – 64.9% petrol and 26.4% diesel. Simply 1.2% of the used automobiles Autorola offered in Q1 had been EVs and seven.5% hybrids which is why they didn’t affect its total used market figures.

A robust demand for ICE automobiles contributed to Autorola reporting the strongest quarterly revenues in its 17-year historical past.

In accordance with Autorola’s group gross sales director Jon Mitchell many of the conversations he had with distributors and patrons in Q1 concerned EVs.

“It’s uncommon that over 90% of the used automobiles we offered in Q1 had been petrol and diesel however most of their questions had been round EVs. Simply 1.2% of the used automobiles we offered in Q1 had been electrical, however everybody stays fascinated about when each demand and costs will calm down,” he stated.

“Demand for EVs stays robust though sellers had been solely bidding on the older, cheaper fashions so as to add to their inventory in Q1. Total, the used market has been very robust for the reason that New 12 months and has continued on this vein throughout April,” he stated.

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