Rise in February 2024 used values

Cap hpi found superminis had the strongest mainstream sector used values, increasing by 2.4% at both one and three years old, equivalent to £375 and £250, respectively. Some of the largest increases were for the following cars:

• Hyundai i20, up 3% or £300,
• the Renault Clio, up 3% or £260,
• the SEAT Ibiza, up 4%/£400,
• and the Vauxhall Corsa, up 5%/£400.

These types of vehicles have been in particular demand, and there are fewer of them around, says cap – a 14% reduction in sold trade data since 2019, partly due to the dominance of SUVs.

BEVs were the weakest fuel type, dropping by 1.7% or around £375 at three years old in Cap Live in February. While most BEVs continued to decrease in value, some models showed positive movement, such as the SEAT Mii (1.8%/£125), Renault Zoe (1%/£85), and Mercedes EQA (1.9%/£365).

At the one-year age, BEV values decreased by 2.3% or c.£850 in February due in part to the strong new car offers available, with some discounts of up to £15,000 or 30% off the list price.

BEV volumes continue to rise, and cap hpi says it has received nearly double the amount of sold data compared to this period last year. The first two months of this year have already seen almost a quarter of last year’s total sold volume already, cap hpi reports.

It adds that more BEVs are entering the used wholesale market than ever; what’s more they are selling, and their values are holding up better than last year, primarily due to last year’s severe realignment. However, average values are still dropping, while petrol and diesel cars are increasing by 1.2% and 0.5% respectively.

Derren concluded:

“March is generally a month where values do not move by much, with the strongest movement being 0.5% up, in both 2023 and 2014. In 2022, values dropped by 2.1%, so, there can be variation, but this time around, there is no reason to suggest anything untoward or anything other than a continuation of small positive movements.”