Used car values shift again in volatile market
- 07/11/2023
- Posted by: Alan Feldberg
- Category: News
Cap hpi is urging the industry to track used cars values closely as a volatile market continues to shift quickly.
It has reported prices have already slipped 1.5% on average since the publication of its most recent monthly editorial on 27 October.
The news follows the 4.2% drop reported at the end of October, which marked the largest drop in a single month since the introduction of cap Live in 2012 and the biggest fall since May 2011, over 12 years ago.
Derren Martin, director of valuations at cap hpi, said: “The market is moving quickly, and the valuations team at cap hpi is making thousands of adjustments to vehicle values on a daily basis. Vendors and buyers must keep up to date on market movements through this transitional period. Our Live product is updated in real-time and gives users the most up-to-date insight available.
“This is a market realignment, with values dropping by a cumulative 13.6% in seven months since April. It looks like November will see another reasonably large drop. However, values could also start to stabilise, particularly if dealers and car supermarkets start to stock up, with an eye on January. Keeping close to Live values is absolutely imperative in the current climate, with monthly values already out of date for many models.”
