High volumes of stock in the market depressed February’s usual seasonal rise in values, according to data published by Cap HPI.
At the three years 60,000 mark, the average movement into March over the previous five years was +0.4%. However, this month has seen the overall three years 60,000 values remain static with 0% movement.
James Dower, senior Black Book editor at Cap HPI, said: “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.”
Cap HPI also reported a slight weakening of diesel values compared to petrol. February saw average petrol values increase by 0.2% against a decline in diesel of -0.3%.
Dower said: “Diesel continues to be painted in a poor light through various media channels and it is clear that solutions are being sought to reduce NOx emissions and improving air quality.”
Dower said that Cap HPI did not expect diesel values to fall away at a significant rate in the short term future though, adding: “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%.
BMW i3 (13- ) saw strong market values and moved up by 4% in Black Book live during February.
Nissan Leaf (10- ) again saw values strengthen with an increase of 0.9% but also saw values at one year 10,000 miles increase by 3%.
Hybrid derivatives within the lower medium sector also saw a rise in average values at three years 60,000 miles.
Toyota Prius (09-16) Hybrid saw values increase by 2.9% and the Prius (12- ) Plug-in rose by 2%. Honda Insight (09-14) also saw values move up by 1.9%.
City cars showed strength throughout the month with an average increase in values at the three years 60,000 point of +1.4%.
Dower said: “Sales of city cars have remained strong for some time now and one eye should be kept on the new car market as the VED changes in April will increase by some margin on a number of these models.”