5:44 pm, August 3, 2016
SEASONAL pressures pushed the used market to a 1.6 per cent decline in July, according to automotive data experts, cap hpi.
Black Book Live reported a drop of 1.6 per cent at three years / 60,000 miles, which is a larger decline than the one per cent reported in June. The largest falls were seen in the electric vehicle sector with a drop of 2.6 per cent in July at three years and 60,000 miles.
James Dower, senior editor at cap hpi Black Book, said: ‘The monthly figures for July 2015 saw a decline of 1.2 per cent. Whilst the deterioration is marginally greater year-on-year, it does show that the market to date was not significantly affected by the political landscape and is also within the seasonal historic average of -1.7 per cent at three years / 60,000 miles.
‘The used car market behaved much as would be expected at this time of the year and we did not experience any unusual patterns through the month. The cause of the modestly heavier drop in values through July can be attributed to greater trade stock availability allowing buyers to be more selective.’
Analysis by cap hpi to examine buyer behaviour by sector showed SUVs now account for 13.8 per cent of all used car trade sales data received in contrast to only 5.6 per cent in 2008. Other sectors that have seen growth are city cars and superminis although their growth is around three per cent. These increases have been to the detriment of some other sectors which have seen notable declines in the proportion of sold data.
Dower added: ‘The data and industry feedback reinforces the view that the used market continues to operate normally despite outside influences. With one eye on the September plate change, it will be important to see how the new car market sets itself up through August.’
The company reports levels of 16-plate stock in the used retail market are high and are likely to remain so for the rest of the year.
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