10:32 am, January 4, 2017
THE used vehicle market is set to exceed 7.7m vehicles in 2016, beating last year’s figure of 7.2m and the previous 2004 record of 7,731,609 vehicles, according to Cap HPI.
Demand remained strong throughout 2016 to drive record used volumes, said the automotive data experts. The announcement follows good news for the new car market, which according to the SMMT hit a record high for September with 469,696 units registered – a 1.6 per cent year-on-year rise.
James Dower, Black Book senior editor at Cap HPI, pictured above, said: ‘Strong demand has characterised the 2016 market. It has led to stable used values and supported strong results for the industry’s retailers.
‘It looks like 2016 will beat a strong 2015 and the previous record of 2004. While 2017 isn’t without its challenges, motor retail is in great shape heading into the new year.’
The company reported strong used values in December with an average decline of 1.6 per cent at three years/60,000 miles in December, a figure that compares favourably with the same point last year, where prices moved downward by 1.8 per cent.
Electric vehicles saw greater stability, with an average reduction of just 0.6 per cent. The Nissan Leaf was the standout performer, with values increasing by 2.7 per cent at one year/10,000 miles and 1.9 per cent at three years/60,000 miles.
The right hybrid models continue to prove attractive. Hybrids saw a strong sales performance and values increased by 2.7 per cent at three years/60,000 miles, with Prius (09-16) seeing values improved by 2.1 per cent at three years/60,000.
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