Electric vehicles best performing fuel type – cap hpi
Electric vehicles were the best-performing fuel type for the second consecutive month, according to the latest analysis from cap hpi.
It found that values increased by 0.3% during October, or £50, at three years old.
At the one-year age point, values dropped by 0.9% or £320, while at five years the figure was 1.3% (£170) and at 10 years it was 1.5% (£70).
Derren Martin, director of valuations at cap hpi, said: “Overall, October value movements can be seen as a return to normal seasonal drops, a welcome and reassuring picture for the industry, particularly after last year’s tumultuous final quarter. Additionally, the volume of electric vehicles selling in the trade market continues to show an upward trend. September was the second-highest volume month, only slightly trailing the record month of July this year.”
Electric vehicles
However, the clock change, half-term, and Autumn Budget could all influence vehicle values.
Martin concluded: “With a return to a more predictable feel about value moves in the last two months, it looks like more of the same for the balance of the year. However, potential pitfalls will arrive. At the end of October/early November, the clocks go back, half-term arrives for most of the country, and there is the Autumn Budget. All of these can potentially adversely influence demand in the used car market.
“There is underlying strength, however, with a shortage of supply and steady demand, so it is likely that there will be minimal effect from these factors this year. Indeed, if interest rates drop, this could well have a positive impact.”
