UK used car market holds firm
The UK used car market performed strongly in November despite consumer confidence falling following the Autumn Budget and disruption around vehicle finance.
According to cap hpi, the value of an average three-year-old vehicle with 60,000 miles decreased by just 1.6% during the month, equating to approximately £280.
Values for one-year-old vehicles decreased by 1.3%, equivalent to approximately £400, while five-year-olds saw a reduction of 1.6%, or around £200, and 10-year-old vehicles were down 1.6%, equating to approximately £70.
Both petrol and diesel vehicles recorded the largest reductions at the three-year point, with declines of 1.7%, or £300, while plug-in hybrid electric vehicles saw a decrease of 1.3% (£280) and hybrids saw values drop just 0.7%, or £100).
Meanwhile, pure electric vehicle prices were down by an average of 0.9%, or £180.
UK used car market
Chris Plumb, head of current car valuation at cap hpi, said: “The combination of half-term holidays, the Autumn Budget announcement and a pivotal court ruling on undisclosed commission payments created a challenging and uncertain backdrop for the market. But the used car sector has demonstrated remarkable resilience as 2024 approaches its conclusion.”
He added: “BEV sold volumes have continued to rise sharply, with year-to-date figures up 175% on 2023 and 370% on 2022. For vehicles up to three years old, BEVs now account for 14% of sold data, making them the second-largest fuel type after petrol, which holds a 60% share.
“In summary, November’s movements reflect a continued return to typical seasonal declines despite the presence of various factors that could have negatively impacted the market.”
