In July, the average value of used cars decreased by 0.4%, equating to around £70 at three years and 60,000 miles, according to cap hpi, a provider of software and data for the automotive industry.
This contrasts with the average decline of 1.1% seen since 2012, when Cap Live was first introduced, indicating a mixed market.
Go deeper with GlobalData
Values at the one-year mark fell by 0.6%, approximately £190. Older cars saw marginal declines, with values dropping by 0.6% (£55) at five years and 1.6% (£60) at ten years.
Used car values, July 2024
Mainstream sectors exhibited varied performance. Lower Medium (C segment) cars experienced the largest drop at 0.9%, followed by Sports at 0.8%, and City Car and Supermini both at 0.6%. SUVs showed the strongest resilience, decreasing by only 0.3%.
Jeremy Yea, senior valuations editor at cap hpi, commented on the trends: “The data highlights the strength of the used market as a whole and especially for the SUV sector, which makes up nearly 60% of our used sold data up to three-years-old.”
Battery Electric Vehicles (BEVs) faced more pressure than other fuel types, with a decline of 1.0% or about £135 at three years and 60,000 miles. Yea noted, “The rate of decline in BEV values has shown signs of improvement, with the -1.0% movement being the strongest month for BEVs so far this year.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAmong BEV models evaluated at the three-year benchmark, 10% saw value increases, a slight improvement from 7% the previous month. Meanwhile, 20% of models maintained their value, and 70% saw declines. Notable value increases included the Polestar 2 (up 2.3%), Tesla Model X (up 2%), and Kia E-Niro (up 2% or around £240). The Cupra Born, Tesla Model Y, and VW ID.3 models that remained steady. The VW e-Up faced the largest decrease at 5.1%.
Petrol vehicle values fell by 0.4%, diesel by 0.2%, hybrids (HEV) by 0.4%, and plug-in hybrids (PHEV) by 0.6%. All fuel types outperformed the seasonal average monthly reduction.
Some models saw notable increases in value: the Dacia Duster Diesel and the Range Rover Sport Petrol Hybrid rose by 3% and 4%, respectively. The BMW X4 Diesel (4%/£1,170), Nissan Qashqai Diesel (3%/£365), and Toyota RAV4 Hybrid (2%/£400) also appreciated. Models that maintained their value included the Peugeot 508 Diesel, Mini Countryman Petrol, BMW 2 Series Gran Coupe Petrol, Mercedes GLA Diesel, and Kia Sportage Petrol.
Looking ahead, Yea remarked, “August will likely see more retail consumers prioritising their holidays over purchasing a new or used car, so consumer buying activity could be a little more muted during the summer holiday period. This may not dampen dealers’ appetite to buy used stock when given the chance. With fewer used cars likely to be returned to the market in the run-up to the September registration month, this could keep things slightly more positive than the usual seasonal average movement. As always, keeping close to daily Cap Live values remains paramount for all fuel types as demand and supply dynamics play out differently for different models.”
In 2008, Solera, a provider of vehicle lifecycle and fleet management software-as-a-service, data, and services, acquired cap hpi.
Used EV prices drop 43%, demand increases: INDICATA
Global EV sales hit record high in Q2 2024: New AutoMotive
