Used car prices show little movement in March
Used car prices remained steady in March despite a 10% increase in stock volumes during the month, according to data from Cazana.
It found that values in the three-year and one-year sectors each rose by one per cent, with prices up £200 and £260 respectively, while average prices in the 10-year category fell by one per cent, or £75.
In terms of brands, BMW and Mini enjoyed prices increases of three per cent and 2.8%, with Mercedes-Benz values up by 1.8%. However, Land Rover and Audi saw average prices come down slightly.
When looking at fuel types, average resale prices of hybrids were up two per cent, with petrol and diesel values rising by one per cent and electric vehicles remaining flat. But Cazana predicts this to change, with a spike in pump prices triggering a surge in electric vehicle interest.
Petrol and diesel values
Cazana data, automotive expert Derren Martin said: “The used car retail market has remained strong, despite the outside pressures on fuel prices and general cost of living concerns from the war in the Middle East. Even with volumes increasing, dealers seem keen to maintain prices and margins.
“It is perhaps surprising to see petrol and diesel values increasing, and EVs only staying level. This could change over the coming months as more consumers consider switching to an electric car, with an eye on charging costs compared to filling up at a petrol station.”
