Average used car values dip despite EV increases
Average used car values fell by 0.9% during August, according to the latest analysis from Solera cap hpi.
At the benchmark three-year, 60,000-mile point, average values reduced by £195. One-year-old cars at 10,000 miles fell by an average of 0.5%, while five-year-old vehicles at 80,000 miles saw values decline by 1.6% and 10-year-old cars at 100,000 miles decreased by 2.7%.
Cars worth less than £5,000 recorded an average fall of 3.4%.
In terms of fuel types, diesel models saw average prices fall by 1.5%, while petrol vehicle values fell one per cent and plug-in hybrids and hybrids decreased 0.9% and 0.1% respectively.
However, used electric vehicle prices rose 0.1%, with those priced between £5,000 and £10,000 up 0.4%, and models in the £10,000 to £15,000 bracket up 0.3%.
Chris Plumb, head of current car valuations at Solera cap hpi, said: “Used electric vehicles continue to perform well where the price is right. The strongest demand is concentrated in the core retail price bands, where affordability is bringing EVs within reach of a much wider group of buyers.”
He continued: “September has traditionally been a relatively stable month, but supply will build as plate-change trade-ins and fleet and rental returns start coming back into the market. The three-year-old market has the potential to remain reasonably close to normal seasonal patterns, particularly for clean, desirable stock. The bigger risk remains with older vehicles, where supply and demand are still out of balance.
“With volumes likely to increase as we move towards October, values at that end of the market could remain under pressure.”
