Used car values driven up by supply constraints
Used car values increased in September, with Percayso Vehicle Intelligence attributing the rise to low stock levels.
It found that demand for diesel models grew significantly which led to average used diesel prices increasing by 2.2% (£450), while electric vehicles recorded their first price rise of the year, up by 1.9%, or £400.
Petrol and hybrid models also saw price increases, but these were more modest at 0.6% and 0.8%, respectively.
For the second month running Land Rover was the standout performer as values for three-year-old models surged by an average of 3.3%, or £1,500. Land Rover values have now risen by 10% in just three months.
Meanwhile, average retail prices for Mercedes-Benz were up by 2.3% and Mini prices climbed 1.9%.
A strong month
Percayso data, automotive expert Derren Martin said: “September has proved to be another strong month in the used retail market, despite focus switching to new cars for the franchise dealer network.
“The big story of the month, though, is some good news for Land Rover, after the traumatic and worrying period they have had recently. It is great to see them as the best-performing used car brand in September.”
He continued: “Demand for electric vehicles is now increasing, with prices going up. This needs to continue on an upward trajectory as more and more will be returning to the used market.
“Moving forward, dealers will be glad to see more three-year-old cars entering the market from the plate change. While retail prices can tend to fall as we enter the final quarter, if they do, it is unlikely to be to any great degree. The used car market remains in rude health.”
