Used car values unchanged in March
Used car values are expected to remain largely unchanged this month, according to the latest data from Cap HPI data.
It is predicting a modest 0.2% fall in prices between now and the end of March for an average three-year-old vehicle with 30,000 miles.
However, older vehicles remain in high demand with dealerships struggling to find good quality models in the three to five-year category. This is partly down to low new car sales during the pandemic, and longer lease terms.
Discussing used car values, Chris Plumb, head of current car valuation at Cap HPI, said: “The used car market remains strong, with values aligning with seasonal trends. With the arrival of the new 25 plate, we expect increased volumes in the used car market as fleet returns and part-exchanges become available. However, any impact on used values is unlikely to be felt before April, and even then, any downward pressure is expected to be modest.
“March has traditionally been a stable month for used values, with an average decline of 0.4% since Cap Live began in 2012. There is no reason to expect any significant deviation from this trend, particularly with supply constraints still present and Easter falling later than usual. Stability will likely remain the market’s defining feature over the coming weeks.”
