Autorola: Online used car prices hit three year high in Q1 2015

The average price of used cars sold online via Autorola UK's remarketing portal increased by £140 from £8,484 to £8,624 in the first quarter

Autorola: Online used car prices hit three year high in Q1 2015

The average price of used cars sold online via Autorola UK’s remarketing portal increased by £140 from £8,484 to £8,624 in the first quarter of 2015 compared to the last quarter of 2014.

This was the highest average used price recorded since Autorola started its online price survey.

Typically the average age of stock in the first quarter of the year was 33 months – compared with 34 months in Q4 2014- while mileage was slightly lower at 21,407 miles compared with 22,811 miles in the last quarter of 2014.

Jon Mitchell, Autorola UK’s sales director said: “We have seen prices reach their high level on the back of slightly lower volumes of used cars being offered for sale in the market during Q1 2015.Part exchange volumes were slower to come to market on the back of the 15-plate change this year. Combine that with stock sold on our portal getting slightly younger and with reduced mileages than in Q4 2014, this has also helped prices increase.”

When reviewing prices against the used value guides, Autorola has seen prices achieve 102% during Q1 2015 which was slightly higher than the previous quarter.

“Performance against the used value guides shows that online prices are staying strong which is helped by the growth in brand repatriation among challenger car maker brands, which has helped increase buyer demand,” said Mitchell.