Used car market values remain settled
Analysis from cap HPI has revealed that the used car market continues to perform strongly as the year draws to a close.
It found that average car values at three years and 60,000 miles have declined only 1.1% so far this month, with experts predicting a 1.5% fall by the end of December.
Petrol values are currently decreasing by 1.2%, with both battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) down by 1.1%. Plug-in hybrids (PHEVs) are also seeing a reduction of one per cent, while diesel is decreasing by just 0.8%.
Chris Plumb, senior valuations editor at cap HPI, said: “Both retail and wholesale market activity have both shown signs of slowing as we edge closer to the festive period, which is typical for this time of year and is not a cause for concern.”
He continued: “There is a sense of optimism that January will see a normal positive start to the New Year. Despite recent challenges, the market has continued to defy expectations and is likely to maintain a more predictable and seasonal trajectory.
“Returns of used cars will remain lower than in previous years, meaning competition for stock will remain healthy. While year-end stockholding targets may restrict some retailers, December could be a good time for others to source stock for the new year.”
