Used car values edging upwards again
Used car values rose in August for the first time since January, according to data released by Percayso Vehicle Intelligence.
It has reported that retail prices for used three-year-old cars were up 0.1% on average, which equates to a rise of £25. The slight uptick in values has been attributed to strong consumer demand during what is typically a slow sales period.
Analysis also revealed that increased prices were most notable for diesel cars with average rises of 0.6% recorded. Average prices of petrol cars were up 0.4% while hybrids rose in value by 0.1%.
However, the average price of used electric vehicles fell by 0.2%, or £30.
Rising values
Derren Martin said: “August has proved to be a strong month in the used retail market despite the holiday season being in full swing, with advertised values actually increasing for the first time since January.
“It is interesting that diesel cars increased in value the most, pointing towards robust used demand for this fuel type that is ailing in the new car world. Whilst EVs did not go up in value overall, they only dropped by a negligible amount, and interest continues to increase, with the government grant piquing interest across the new and used arena.”
He concluded: “It is good to note that across all areas of the used car market, demand has been strong. Overall volumes of cars advertised in August were similar to the previous month, indicating a stable supply-demand balance.
“All eyes are now on the key month of September to see what stock gets generated by the plate-change month.”
