Cap hpi reveals strong electric vehicle demand

Cap hpi has revealed that used car values fell 0.4% in July at three years and 60,000 miles.

Further analysis found that at the one-year age point values dropped by 0.6% or £190, while cars dropped by 0.6% at five years old and 1.6% at 10 years old.

Jeremy Yea, senior valuations editor at cap hpi, said:

“The data highlights the strength of the used market as a whole and especially for the SUV sector, which makes up nearly 60% of our used sold data up to three-years-old.

“Battery electric vehicles have again experienced more pressure than other fuel types this month. However, the decline of just one per cent, or £135 at three years and 60,000 miles, is consistent with more seasonal movements for this time of year. The rate of decline in BEV values has shown signs of improvement, with the one per cent movement being the strongest month for BEVs so far this year.”

Strong electric vehicle demand

Of the BEV models at the three-year-old benchmark, 10% experienced an increase in value, 20% remained at the same level, while 70% fell in value.

Meanwhile, petrol vehicles fell by 0.4%, diesel by 0.2%, hybrids by 0.4%, and plug-in hybrids were down by 0.6%.

Yea concluded: “August consumer buying activity could be a little more muted. This may not dampen dealers’ appetite to buy used stock when given the chance. With fewer used cars likely to be returned to the market in the run-up to the September registration month, this could keep things slightly more positive than the usual seasonal average movement.”