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Petrol cars lead rise in used values

Dealers' used car stock is on the rise

Used values rose by a further 1% in February as demand for new cars softens, according to Cap HPI.

Petrol car prices saw a 1.3% uplift at three years and 60,000 miles while both hybrid and diesel models demonstrated an upward trend.

“It is the strongest movement into March since the advent of Black Book Live in 2012 and reflects the overall sentiment that the dip in new car activity has caused many dealers to step up their focus and presence in the used car market,” said Derren Martin, head of current valuations at Cap HPI.

Values for nearly new vehicles also rose with with overall values for six months 5,000 miles and one year 10,000 miles increasing by 0.6% and 0.7% respectively.

Martin added: “Used car retail buyers are far less concerned with issues surrounding diesel than their new car counterparts and the fuel economy that diesel continues to offer alongside the lower Road Fund Licence, for cars registered before April  1 2017, means that they continue to be an attractive proposition for many.” 

Average values for City Cars increased by 2.5%, while Superminis performed well and saw values rise by 1.8% through the month.

As Spring approaches Coupe Cabriolets and Convertibles saw value increases of 2.4% and 1.8%.

Martin believes March be more buoyant than in previous years and that the market is slightly weighted towards the seller, at least until Easter.

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