Used car market continues rising
Used car values have continued to rise throughout August, according to cap hpi.
It found that values moved up by 0.2% at the three-year point, which equates to around £30 on average. It means that 2020 has only seen one month where values have dropped, and that was during the run-up to lockdown in March.
On average, used car values are seven per cent higher than they were in August 2019.
Derren Martin, head of valuations UK at cap hpi said: “The used car retail market has remained robust throughout August, making it the third consecutive month since car showrooms reopened with remarkably strong consumer demand.
“Looking at the retail advertised data received by cap hpi, it is clear that across all mainstream sectors, prices have edged up slightly on average. This is unsurprising since trade prices have increased overall and consumer demand is so strong. If ever there was a time to increase asking prices and maintain margins, the last three months has been it. These small average increases have not adversely affected days-to-sell.
“There appears to be pent-up consumer demand still with buyers wishing to avoid public transport, those careful buyers downgrading, and savers looking to upgrade – maybe instead of taking an expensive holiday abroad. There are certainly a number of interesting dynamics.”
Both petrol and diesel values stayed strong and moved up slightly, while electric vehicles and some hybrids have both moved down.
