Used EV values fall 8.3% in Q4 as cost of living bites says Autorola

Used EV values on online Autorola fell by 8.3% in Q4 to £28,231 as the cost of living crisis took its toll.

The online remarketing platform said consumers were “struggling to justify the excessive costs amid a difficult economic climate.”

But it said, despite a fall in Q4 values, they ended the year double that of used petrols (£14,067) and 56% dearer than diesels (£18,007).

It said used prices remained strong for much of 2022 but Autorola saw diesel prices fall in Q4 by 5.8% (£1,120) to £18,007 due to a major increase in age and mileage.

The average age of used diesels rose from 44-49 months and mileage increased from an average of 32,396 to 35,753 miles.

Older, higher mileage used cars are becoming the norm as new car delivery times remain compromised by production delays.

Autorola UK saw sales increase 14.9% in 2022 via its online remarketing platform as dealers switched to online purchases.

This growth came against a backdrop of falling used vehicle volumes as stock remains restricted by fleets extending replacement cycles and dealers retaining part exchanges to retail due to new car production capacity issues.

2022 was the first year that Autorola experienced a fall in demand for used diesels and the first big sign that drivers are speeding up their move away from the fuel type.

“We gained hundreds of new online buyers during the pandemic lockdown, and they have stayed with us. This helped our business grow at a time when the remarketing industry was experiencing a fall in volumes,” explained Jon Mitchell, Autorola UK’s group sales director.

“We are also witnessing a shift in the type of stock we are selling with diesels proving less popular and petrols and hybrids increasing in popularity. Used EV demand and prices meanwhile are falling during the current cost of living crisis which is helping boost both petrol and hybrid sales,” he added.