Used values remain steady despite economic concerns: cap hpi
Used car values fell by 1.2% at the benchmark three‑year, 60,000‑mile point in cap Live throughout April, showing strong performance despite concerns about the economy amid the Iran war, according to Solera cap hpi.
The 1.2% fall in average values, equivalent to around £220, was in line with the past 14-year average. If the highly unusual years of 2020, impacted by Covid lockdowns, and 2021, when values rose for a prolonged period, are excluded, the long-term average April to May movement is closer to -1.6%. Against that backdrop, the latest monthly movement proved more resilient than the underlying seasonal trend.
All sectors experienced an average drop
Values at the one-year age point declined by a similar 1.3% or circa £385, but it is at the older end that values performed slightly better, dropping by 0.8% at five years old, equivalent to circa £115 and level at the 10-year point.
Looking at sectors, with the exception of seasonally attractive Sports, Convertibles and Coupe Cabriolets, all sectors experienced an average drop in values in April’s Cap Live at the three-year age point.
The weakest‑performing sector in percentage terms was Supermini, with an average decline of 1.9% at the three‑year‑old point, equivalent to around £195. Looking more closely at performance by fuel type within the segment, HEVs recorded the largest falls at 2.9%, followed by diesel at 2.2%, with petrol close behind at 1.9%. By contrast, BEVs proved the most resilient, with average values down by just 0.9%.
Executive, Large Executive, MPV and SUV segments followed, with values moving back by 1.7% and 1.4% respectively. Within the SUV sector, performance varied by size, with large SUVs proving the most resilient at the three‑year‑old point, down by 1.0%, while small and medium SUVs recorded declines of 1.5% and 1.6% respectively.
As has been the case for some time, where supply remains relatively plentiful for specific SUV models, trade buyers have remained selective. This was reflected in weaker movements across several mainstream models, including Land Rover Range Rover, Discovery Sport Hybrid (‑5.9%/£1,260), Hyundai Bayon (‑4.4%/£435), MG HS (‑3.8%/£410) and Peugeot 2008 (‑3.6%/£390).
Used values remain steady
Among the remaining segments, City Car values declined by 1.3%. Lower, Medium and Luxury Executive performed slightly better, with movements of 1.1% in each case, while Upper Medium stood out as one of the stronger mainstream sectors, recording a relatively modest reduction of 0.5%.
Chris Plumb (pictured), head of current valuations for Solera cap hpi, said as the company reported that used values remain steady: “After a period where monthly movements had been less favourable to seasonal norms, April felt like a return to more familiar market conditions following the Easter bank holiday period. BEVs in particular showed a late improvement towards the end of the month, and while it remains too early to draw firm conclusions, there will be some hope that this momentum can carry into the months ahead.”
The strongest BEV performers over the period were models that had previously recorded some of the largest declines earlier in the year. The Subaru Solterra led the way, increasing by 5.3% (around £600), followed closely by the Mini Cooper, which rose by 5% (£425). Completing the top three was the MG5, which continues to look good value for money and recorded a 4% increase (£310).
At the three‑year point, this represented the best April‑to‑May movement for BEVs for a number of years. Last year saw a decline of ‑2.7%, compared with ‑3.7% in 2024 and ‑4.7% in 2023. While it may be premature to talk about any clear recovery, it was encouraging to see signs that market dynamics for used BEVs had shifted over the past couple of weeks, aided in part by continued sensitivity around fuel prices at the pump.
Diesel was the weakest‑performing fuel type, with values down by 1.3% at the three‑year‑old, 60,000‑mile benchmark. Both trade buyers and retailers appear increasingly cautious about stocking diesel, influenced in part by the current cost of refuelling. PHEVs followed with a decline of 1.1%, while petrol and HEVs recorded similar movements of around 1.0%.
