7:28 am, October 29, 2024
Used car prices fell 1.1% in October as September plate change part exchanges dropped back into the market.
The best performing fuel type, though, was electric with EVs actually rising in price by 0.3% during the month, according to data just released by Cap HPI.
In a video interview about the latest on used car prices (above), Cap HPI senior valuations editor Chris Plumb said: ‘For the second consecutive month, EVs have had the strongest movement.
‘The devil is in the detail but at the three year price point, EVs still look good value.’
EVs priced between £5k-£10k saw an increase of 0.7% with those in the £10k-£15k price bracket rising the same percentage.
Plumb added: ‘We think for people concerned about the cost of living, the savings with an EV start to make quite a compelling case for them.’
By comparison, used petrol car prices fell 1.4%, diesels dropped 1%, hybrids were down 0.6% and plug-in hybrids were down 1.1% in October.
Plumb said demand had tapered off towards the end of October, as half term approached, and said the valuations firm believes more seasonal price changes will now take effect.
He added: ‘I think that the first half of the month was okay. I think the second half people did report that they’d seen a seasonal softening.
‘I think we’ve got to be pragmatic about it, because of the time of year there has been that sort of drop off. But I don’t think it’s anything to be particularly alarmed about. I think it is just that seasonal movement that we’d normally expect.’
Biggest used car price falls
Source: October 2024 data, Cap HPI
- Ssangyong Korando Electric -11.6% (£1766)
- Ssangyong Korando Diesel -8.8% (£775)
- Vauxhall Astra Diesel -7.8% (£796)
- BMW 2 Series Convertible -6.0% (£896)
- Nissan eNV200 -6.0% (£856)
- Fiat 500L -5.9% (£478)
- Genesis GV80 -5.9% (£2333)
- Genesis GV80 Diesel -5.9% (£2252)
- BMW Z4 Roadster -5.9% (£1625)
- BMW 4 Series Convertible Diesel -5.9% (£1691)
Looking ahead, Plumb says the used car market will remain stable with no sudden shocks in price changes, as was experienced at this time last year.
He said: ‘All the indications and all the factors are stacking up that consumer demand may have softened, but remains fairly robust. And used car demand remains strong.’
Derren Martin, director of valuations at Cap HPI, added: ‘Overall, October value movements can be seen as a return to normal seasonal drops, a welcome and reassuring picture for the industry, particularly after last year’s tumultuous final quarter.
‘With a return to a more predictable feel about value moves in the last two months, it looks like more of the same for the balance of the year.’
Biggest used car price rises
Source: October 2024 data, Cap HPI
- Citroen C4 Cactus Diesel 6.0% (£550)
- Citroen C4 Electric 5.1% (£541)
- Mercedes-Benz E Class Diesel 4.1% (£1163)
- Volkswagen ID.3 Electric 4.0% (£592)
- Mercedes-Benz AMG E Class 4.0% (£1550)
- DS DS3 Crossback Electric 3.1% (£333)
- Jeep Renegade Diesel 3.1% (£500)
- Tesla Model S 3.1% (£1133)
- Mercedes-Benz E Class Coupe 3.0% (£900)
- Lexus NX Hybrid 3.0% (£746)
Martin added: ‘However, as soon as our monthly values are published, potential pitfalls will arrive. At the end of October/early November, the clocks go back, half-term arrives for most of the country, and there is the Autumn Budget. All of these can potentially adversely influence demand in the used car market.
‘There is underlying strength, however, with a shortage of supply and steady demand, so it is likely that there will be minimal effect from these factors this year. Indeed, if interest rates drop, this could well have a positive impact.’
Watch our video interview with Cap HPI at the top of this page.
