Used fleet car prices rocketed by 40.8% (£5,122) in 2021 to an average of £15,533, Aston Barclay has reported.
The record rise, revealed in its latest used car insights report, was the result of a near 140,000-unit shortage of ex-fleet cars as the global semiconductor crisis forced fleets to extend replacement cycles.
“Some fleets are now on their second round of contract extensions as new car supplies have prevented them from de-fleeting their current vehicles,” said Martin Potter, Aston Barclay’s MD customer.
While used fleet car prices settled down in December, they still rose across Q4 21 by £894.
And with the current supply situation not expected to change until the back-end of 2022, Aston Barclay has said that when ex-fleet cars do hit the used market in volume again, their average age is likely to increase above the current 42 months that the industry has to come to terms with.
“Gone are the days of the 36-month-old fleet replacement cycle,” said Potter.
Battery electric vehicle sales meanwhile doubled in Q4 2021 as prices rose by £3,529 (15.7%) to £25,883. But volumes still accounted for just 0.5% of total sales. Hybrid share grew from 3% to 5% and prices rose by £1,584 (9.3%) to £18,542.
Used diesel volumes rose 2.5% to account for 48.4% of total sales in Q4 while prices were up again in Q4 2021 by £621 (7.5%) to £8,843.
The used van market has also settled down to its ‘new normal’ with an average price of £8,320 – but with van production typically facing worse challenges than cars, prices may rise again in 2022.
Already, prices have risen by 69% (£3,397) since the £4,923 seen in Q1 2020. Meanwhile, the average age of an ex-fleet van has also increased to nearly 70 months as fleets extend replacement cycles due to new van supply shortages.
