EV values falling faster than ICE vehicles

The start of April saw used values fall 0.7% for three year old cars and 60,000 miles on the clock, according to AM's exclusive mid-month used market data snapshot from cap hpi.

The trend heralds a return to historic pre-Covid deflation patterns with the data pointing to a potential lead 1.5% reduction in April.

In the five years prior to the start of the pandemic, the average movement was down 1.5%.

ICE continues to be the strongest fuel types. Petrol is down 0.5%, with both diesel and hybrid down at -0.8%. EVs continue to decline further than the more traditional drive trains, which currently sit at -1.6%.

Commenting on the market, Derren Martin, director of valuations at cap hpi, said: “The ever-increasing used vehicle supply coupled with strong new car incentives make used EV values volatile.

“Overall, the market still looks and feels in a good place with just some more normalised seasonal trends returning to historic patterns. We have observed a traditional slight reduction of trade and retail activity over the last few weeks.”