October used car market 2024: EVs reign supreme for second successive month

ELECTRIC vehicles (EVs) have once again topped the charts as the best-performing fuel type in the used car market, according to the latest data from cap hpi.

October’s used car market marks the second month in a row where EVs have defied the usual seasonal trends, with values for three-year-old models showing a slight increase of 0.3% (£50). This positive performance is attributed to their continued strong value proposition and attractive retail price points.

The overall used car market experienced a predictable seasonal dip, with average values for three-year-old, 60,000-mile vehicles decreasing by 1.1%. This aligns with historical trends for November, said cap hpi, offering a sense of stability after last year’s volatile final quarter.

"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. Additionally, the volume of electric vehicles selling in the trade market continues to show an upward trend. September was the second-highest volume month, only slightly trailing the record month of July this year. However, EV values remain particularly nuanced, with some, such as the Jaguar I-Pace and Vauxhall Mokka, looking great value versus ICE equivalents.”

Derren Martin, Director of Valuations at cap hpi Tweet

Interestingly, EVs within the £5,000-£15,000 price bracket saw values rise by 0.7%, while those in the £15,000-£20,000 range experienced a more modest 0.2% increase.

Notable EV performers included the:

Citroen C4,
Volkswagen ID.3,
and Nissan Leaf.

All these cars saw values appreciate. Conversely, the Tesla Model Y and Model 3 experienced declines, alongside the MINI Cooper and Mercedes-Benz EQE.

Across all fuel types, superminis led the downward trend with a 1.4% drop in value, followed by city cars and lower-medium models, both experiencing declines of around 1.2%.

The SUV segment also felt the seasonal pressures, with values for three-year-old models falling by an average of 1.2%. Increased supply of several models contributed to this softening, notably impacting the Fiat 500X, Hyundai Tucson, and Nissan Juke.

Martin finished by saying he remained optimistic, citing underlying market strength driven by steady demand and limited supply.