Used car demand holds steady in June
Used car demand and values remained resilient during June, according to the latest data from Solera cap hpi.
It found that average values for three-year-old models with 60,000 miles on the clock fell by just 0.6% during the month, or £130.
Meanwhile, average days to sale increased from 33 days in May to 34 days, with sales through car supermarkets recorded at 29 days compared to 31 days at dealers and 42 days at independent retailers.
Demand for electric vehicles continued to increase during the month making EVs the strongest-performing fuel type, selling in an average of 29 days with values increasing by 0.8%.
Resilience
Jeremy Yea, senior valuations editor at Solera cap hpi, said: “The used car market continues to show a level of resilience that is stronger than we would normally expect for this time of year. Retail demand remains measured rather than buoyant, but consumers are still buying when vehicles are priced correctly and offer clear value.
“What has become increasingly noticeable is the improving position of used electric vehicles. We’re seeing stronger retail demand, improving wholesale conversion rates and growing evidence that buyers are becoming more comfortable with EV ownership. In some areas, demand is now beginning to outpace supply, which is helping support values.
“That doesn’t mean every EV will perform equally well. The market remains highly selective and success still depends on factors such as age, range, specification and price point. However, the overall direction of travel is considerably more positive than it was six to 12 months ago.”
