The used car market demonstrated remarkable stability in June with average values dropping just 0.1%, or £25, for vehicles three years old with 60,000 miles.

This performance, highlighted by experts at Cap HPI, marks the strongest June since 2009, excluding the pandemic-affected years.

Historically, June typically sees a decline of around 1.2%.

Derren Martin, director of valuations at cap hpi, said: “The positive sentiment in the used car retail market has grown in June. With interest rates stabilising, inflation decreasing, and consumers adjusting to the new normal of cost-of-living concerns, the demand for used cars remains strong.”

Despite potential distractions like Euro 24 football and the upcoming General Election on July 4, the market has maintained its momentum. Petrol cars continue to lead consumer preference, with hybrids and plug-in hybrids also gaining popularity among those hesitant to switch to Battery Electric Vehicles (BEVs).