Online remarketing portal, Autorola, has seen average price of used cars sold through its site increase to £9,211 in the third quarter.The figure marks a £57 increase on the Q2 average, and over £400 higher than in Q1 2016 (£8,798).
Autorola attribute the rise to a strong stream of quality used ex fleet stock and dealer part exchanges coming into the market. The site recorded a fall in the average age of vehicles it sold in Q3 to 31 months from 33 months in Q2. Autorola say this fact may be the result of “drivers changing cars earlier than usual as they cashed in their PCP contract early or invested their monthly mortgage savings into a new used car.”
Jon Mitchell, Autorola UK’s sales director commented: “Quarter three has been another strong quarter for Autorola with regard to number of bids, sales and deliveries to customers.”
“Despite the increased sales volumes, prices have remained strong which is down to high volumes of excellent quality used stock coming onto the market supported by consumers having more disposable income to invest in a replacement used car,”
The early forecast for October suggests that demand and prices have been maintained with Autorola reporting a strong first few days of trading.Mitchell concluded: “Consumer confidence looks set to continue which should keep used demand and prices consistent until the end of the year.”
