The average price of late and low used vehicle stock increased by over £1,000 in Q3 2018 as the supply and demand for nearly new vehicles was impacted by the introduction of the new Worldwide Harmonised Light Vehicle Test Procedure (WLTP).
According to Aston Barclay’s Used Market Insights Report Q3 2018, the average price of late and low stock (younger than 24 months) in Q3 2018 was £15,589, an increase of £1,132 over Q2 2018 (£14,457), as franchised dealers invested more in used stock to satisfy consumer demand.
Demand for ex-fleet stock from used vehicle buyers has also very strong during Q3.
“The Q3 price rise in the late and low sector can be attributed to franchised dealers acquiring young used stock to offer customers in light of WLTP who are unwilling to wait for a new car,” said Martin Potter, group operations director, Aston Barclay.
“We believe the high demand and rising prices in the late and low and fleet sectors will continue until the WLTP new car supply challenges have been resolved, which could be Spring 2019,” he added.
Petrol prices rose again in Q3 2018 for the third successive quarter to £4,325 from £4,137 in Q2. Meanwhile, diesel and hybrids/EV prices fell back slightly in Q3 by £60 and £485 respectively.
Diesel demand however remains very strong, whilst EV stock volumes coming into the used market continue to increase.