Battery electric vehicle values face the most pressure in March – Cap HPI

Battery electric vehicle prices faced more pressure in March with values down 1.7% according to Cap HPI.

Overall values saw no movement at the three-year or 60,000 mile mark but the drop in BEV prices was equivalent to £320.

Meanwhile, although demand was stronger for petrol vehicles, with values up 0.4% or £70, and hybrids, up 0.3% or £45, movement overall was minimal.

Values for diesel vehicles remained the same at 0% movement while plug-in hybrid values also fell 0.2% or £60.

Chris Plumb, head of current valuations for Cap HPI, said: ‘With the latest reduction in values for BEVs, this now marks the fourth consecutive month of negative adjustments.

‘Over the past 12 months, only two months, October and November, saw stable values, with BEVs being the strongest-performing fuel type during that time.’

This is reflected in the biggest fallers and risers, shown in full below, where only one electric vehicle made it into the top 10 vehicles with the biggest increase in value in March.

He added: ‘The BEV market continues to be quite fragmented, with performance varying from one model to another, which means we need to keep a close eye on each individual model.

‘Looking at the numbers for three-year-old vehicles, we saw that 57% of models experienced value reductions, while 37% managed to hold steady (up from last month’s 30%).

‘On the brighter side, 6% actually saw positive adjustments! And despite a wave of negative media coverage, the Tesla Model Y held steady, while the Model 3 dipped by just 1% or £163, which is slightly better than the average for all BEVs this month.’

In it’s latest update, Cap HPI added that vehicles aged one-year-old saw values drop 0.3% or £125, while five-year-old cars saw a modest rise of 0.2% or £20 in value.

Pressure on car dealers to maintain stock levels have continued too, with the many continuing to adopt a ‘little and often’ strategy, according to Cap HPI, which has been reflected in the competitive trade and wholesale market.

Plumb commented: ‘The shift over the month has been the increasing selectivity of buyers regarding older, high-mileage vehicles.

‘The trend suggests that these cars may not be as appealing as they once were, likely due to the price increases we’ve seen recently.

‘This evolving buyer behaviour highlights the dynamic nature of the market and the importance of adapting to changing preferences!’

Biggest risers by percent in March at three years or 30,000 miles

1. BMW 4 Series Convertible (20-) – 7.1% (£1,982)
2. Mercedes-Benz S Class Coupe (14-21) – 6.2% (£3,000)
3. BMW Z4 Roadster (18-) – 6.1% (£1,485)
4. Mercedes-Benz C Class Cabriolet (18-23) diesel – 5% (£1,030)
5. Audi TT Roadster (18-24) – 5% (£1,221)
6. Fiat 500L (13-22) – 4.2% (£616)
7. BMW 2 Series Convertible (14-21) – 4.1% (£616)
8. Volkswagen T-Roc Cabriolet (20-) – 4% (£688)
9. Mercedes S Class Cabriolet (16-21) – 3.9% (£2,100)
10. Volvo XC40 (20-) electric – 3.5% (£806)

Biggest fallers by percent in March at three years or 30,000 miles

1. BMW XM (22-) hybrid – -10.1% (£7,500)
2. Polestar 3 (22-) electric – -9.7% (£4,650)
3. BMW i7 (22-) electric –  -7.8% (£5,100)
4. Vauxhall Vivaro Life (20-) electric – -5.8% (£893)
5. Mini Cooper (19-24) electric – -5.8% (£675)
6. Genesis GV80 (21-23) diesel – -5.0% (£1,711)
7. BMW 2 Series Active Tourer (21-23) diesel – -5.0% (£1,108)
8. Ford Transit Custom (20-24) diesel – -4.9% (£2,256)
9. Mercedes-Benz B Class (19-22) hybrid – -4.9% (£991)
10. BMW 2 Series Active Tourer (22-) petrol hybrid – -4.9% (£1,085)