The start of April saw used values fall 0.7% for three year old cars and 60,000 miles on the clock, according to AM’s exclusive mid-month used market data snapshot from cap hpi.
The trend heralds a return to historic pre-Covid deflation patterns with the data pointing to a potential lead 1.5% reduction in April.
In the five years prior to the start of the pandemic, the average movement was down 1.5%.
ICE continues to be the strongest fuel types. Petrol is down 0.5%, with both diesel and hybrid down at -0.8%. EVs continue to decline further than the more traditional drive trains, which currently sit at -1.6%.
Commenting on the market, Derren Martin, director of valuations at cap hpi, said: “The ever-increasing used vehicle supply coupled with strong new car incentives make used EV values volatile.
“Overall, the market still looks and feels in a good place with just some more normalised seasonal trends returning to historic patterns. We have observed a traditional slight reduction of trade and retail activity over the last few weeks.”
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- Source: https://www.am-online.com/news/used-cars/2024/04/10/ev-values-falling-faster-than-ice-vehicles
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