Used car prices hold firm

The used car market remained stable in March as average values at three years and 60,000 miles fell just 0.1%, or £70.

According to cap hpi, this marked the strongest March into April since 2019.

Meanwhile, one-year-old vehicles also decreased by 0.1%, while five-year and 10-year old models fell by 0.7% and 1.8%, respectively.

Jeremy Yea, senior valuations editor at cap hpi, said: “Cars in good condition with low mileage and holding good provenance are still the most sought after within the market and across all mainstream vehicle sectors. These are viewed as fast-churning good retail stock, where competition remains strong despite the increase in wholesale supply levels throughout this new registration plate month. This injection of increased used supply into the market has certainly not dampened the desire to buy, and current supply and demand levels are still well matched.”

In terms of fuel types, hybrid and petrol models were up by 0.5% and 0.2% but diesel fell 0.3%, plug-in hybrids were down 0.7% and BEVs declined by 2.3%.

Yea concluded: “In terms of sold data, we have already received nearly 40% of last year’s total sold volume in the first three months of the year. However, BEVs still only make up around four per cent of all the sold data we have received this year.”