7:59 am, November 27, 2024
Used car prices have fallen 1.6% on average this month with petrol and diesel models again suffering the largest falls.
Data from experts Cap HPI show that the benchmark three-year-old petrol and diesel cars dropped 1.7% during the month.
It is the second month in a row that ICE vehicles have dropped more than alternatively fuelled models.
In November, hybrids were the best performing used cars with an average fall of 0.7%. Fully electric models dropped 0.9%.
Cap HPI said that used car prices have ‘out performed’ seasonal averages every month in 2024 and believe the market remains ‘robust’.
Chris Plumb, head of current car valuations at the firm, said: ‘November has proven to be an intriguing month for the used car retail sector, as several potential headwinds loomed, threatening to disrupt business activity.
‘The combination of half-term holidays, the Autumn Budget and a pivotal court ruling on undisclosed commission payments created a challenging and uncertain backdrop for the market.
‘The Budget, delivered on October 30, generated initial concern about its potential impact on consumers. However, the immediate fallout appeared limited.
‘November’s movements reflect a continued return to typical seasonal declines despite the presence of various factors that could have negatively impacted the market.
‘The used car sector has demonstrated remarkable resilience as 2024 approaches its conclusion.’
Cap HPI reported used car prices fell 1.1% in October, while it said September saw average values go up 1%.
Convertibles and coupe cabriolets have been particularly badly hit in November, dropping on average 3.5% and 4% respectively. City cars fell 1.9% while the best performing segment was large executive cars dropping just 0.3%.
The used car data experts said that SUV sales now account for some 60% of all used cars sold. They dropped an average of 1.7% in November.
