The latest used car report from Autorola shows Hybrid and electric vehicle (EV) used prices reached a record level in Q4 2019.
Average online prices rose to £19,021 in Q4 from £12,594 in Q3 with strong demand, a low supply and fall in average age and mileage from 43 months in Q3 to 21 months in Q4.
Jon Mitchell, Autorola UK’s group sales director said: “We are seeing an unprecedented demand from the trade for used hybrids and EVs. All part exchanges and unwanted or replica stock that reaches our online platform are snapped up quickly thanks to a rise in consumer demand.
“In Q4 stock was in short supply which helped the hike in average prices. What we are experiencing with both hybrids and EVs is an inconsistent volume coming into the market. The model mix coming into the market also changes from quarter to quarter which makes it more difficult for dealers to predict prices and availability,” he added.
Used petrol prices rose in Q4 by £264 to £10,364 as average age fell by one month to 30 months and mileage fell from 18,387 in Q3 to 18,202 in Q4.
Diesel prices fell by £181 to £12,305 in Q4 on the back of an increase in average age of five months to 39 months, while mileage remained at an average of 29,000 miles.
“Generally, it has been a very positive used car year. Q2 was definitely overshadowed by concerns over Brexit but overall demand across 2019 has been strong and used diesels continue to perform well,” Mitchell said.
“On average we are now selling one third more used petrols than diesels as the used market starts to fall more into line with new car sales trends,” he concluded.
Shoosmiths recently reported a lack of financing options for EVs could restrict the markets growth and negatively impact the UK’s ability to meet carbon emission targets.