Used car values hold firm

Used car values reported its strongest June since 2009, according to cap hpi.

It found that prices fell by just 0.1% in the month, or £25, at three years and 60,000 miles. The average June decline is 1.2%.

Average petrol values went up at both the one- and three-year age points, with diesel cars and both types of hybrids dropping negligibly.

However, BEVs dropped by 1.7% on average, equivalent to £350, and remain the worst-performing fuel type regarding value retention.

Used cars

Derren Martin, director of valuations of cap hpi, said: “The air of positivity for used car retail that has been present all year has, if anything, increased in June. With interest rates stabilising, inflation falling, and many consumers accepting cost-of-living concerns as the new normal, the appetite to purchase has been omnipresent. Petrol cars remain the most desired by consumers, although hybrids and plug-in hybrids continue to be popular for consumers not quite ready to take the plunge and buy a BEV.”

He continued:

“As things stand at the time of writing, there is no reason to predict an end to the strong months experienced so far in 2024. Volumes remain on the low side, particularly those under four years old, and demand from consumers is steady. July can often be similar to June, and this year we are not expecting downward moves anywhere near the averages.”