UK used-car values dip, used diesels slip against petrol
High volumes of used vehicles in the UK have annulled the usual seasonal rise in values, reports cap hpi. The automotive data experts point to the fact that the average three-year/60,000-mile vehicle appreciated by 0.4% into March over the past five years, but has remained static this year, at 0%.
“February usually reflects the strength in the used vehicle market and often sees values rise into March. While used retail demand remains strong, stock levels were higher than at the same point last year, and this has been the key factor to the slightly weaker price performance”, says James Dower (pictured), senior Black Book editor at cap hpi.
Dower also pointed to a weakening of the value of used diesel cars compared to petrol, with average petrol values increasing by 0.2% against a decline in diesel of 0.3%: “Diesel continues to be painted in a poor light through various media channels, but we do not expect diesel values to fall away at a significant rate in the short term future. The variance in performance may be partly due to a slight fall in consumer demand, but the key factor in the current movements is attributed to higher diesel stock volumes”.
Electric-vehicle values continued to perform strongly and average values at three years 60,000 miles have increased by 0.5%. The BMW I3 moved up by 4%, the Nissan Leaf increased 0.9%, and saw values at one year 10,000 miles increase by 3%.
Hybrids also increased at three years 60,000 miles: the Toyota Prius Hybrid saw values increase by 2.9% and the Prius Plug-in rose by 2%. The Honda Insight also saw values move up by 1.9%.
Image: cap hpi