Used automobile alternative cycles persevering with to be prolonged as a result of scarcity of inventory with EVs seeing an enormous rise in costs.
Between Q3 2021 and Q3 2022 the typical age of used diesels rose from 34 to 44 months and petrol vehicles from 33 to 39 months whereas EVs and hybrids remained at 20 and 30 months over the identical interval.
Contract extensions continued to impression common mileages with used diesels growing by 23.4% (6,137) to 32,339 miles and used petrols by 23.1% (3,841) to twenty,442 miles throughout the 12-month interval.
Regardless of used vehicles getting older costs of diesel, petrol and used hybrids have remained remarkably steady over the previous 12 months. Diesel costs fell by simply 2.2% (£436) to £19,322, petrols by 0.7% to £14,649, whereas hybrids rose by 3.4% (£794) to £24,062 as common mileages fell by 3,066 miles.
EVs nonetheless broke all the foundations with costs rising by an incredible 34.3% (£7,811) to £30,529 from Q3 2021 to Q3 2022 regardless of common mileages rising from 9,375 to 10,360 miles.
EVs stay in excessive demand and briefly provide and make up simply 3.4% of the used vehicles Autorola bought on-line in Q3 2022.
Used petrols (65.6%) and diesels (23.7%) proceed to make up the lion share of the market with hybrids 7.3%.
“It appears mad that the costs have remained so steady throughout a 12-month interval when the typical age and mileage of used vehicles continues to rise.
“Nonetheless, the restricted new automobile manufacturing is accountable as demand continues to exceed provide,” defined Jon Mitchell, Autorola UK’s group gross sales director.
“EV costs proceed to undergo the roof, however we’re nonetheless promoting only some hundred used vehicles every quarter. They’re setting the tempo, whereas petrol vehicles stay probably the most in-demand gasoline sort out there at present,” he added.
