Record used car value increases in September have been hailed as a “black swan event” by Cap HPI, with head of valuations Derren Martin describing the seventh consecutive month of rising prices as “extraordinary”.
Used car values have risen by an average of £2,125 (16.6%) in each of the last four months, according to data published by Cap HPI.
Valuation experts and AM100 retailers have conceded that they do not know when this year’s “unprecedented” used car price rises will end.
Cap HPI has underlined the importance of its live valuations service as the pace of wholesale used car price rises continued with a 13.5% increase in the past three months.
Almost a third of new car buyers are switching to the used car market in a bid to avoid stock availability issues and gain better value for money, a survey conducted by What Car? has found.
Mark Bassford, the former head of strategic partnerships at Cap HPI, has joined Auto Data Solutions as its new product and innovation director.
Used car prices have risen by 6.7% during May as “amazingly strong” demand resulted in “unprecedented times” for the sector.
Used car prices are soaring as car retailers report demand so strong that the “can’t stock the forecourt fast enough” – and supply shortages look to continue the trend.
What Car? has teamed up with valuations experts at Cap HPI to rank the UK’s slowest and fastest depreciating cars.
Used car values have reached a “tipping point” with prices rising for the first time in five months as an easing of COVID-19 ‘Lockdown 3’ retail restrictions draw nearer, says Cap HPI.
The UK Government’s decision to lower the value of its plug-in car grant EV incentive will have little impact on used car values, according to Cap HPI.
Cap HPI has said that a realignment of used car price values was “always likely” after it reported a fifth consecutive month of declining vehicle prices across the sector.
Brindley Motor Group, Mon Motors, Helston Garages Group, Johnsons and Marsh Wall have all signed contracts for used car provenance services from cap hpi
A slowdown in consumers’ car buying activity and uncertainty when the current COVID-19 ‘Lockdown 3’ restrictions will end was the catalyst for a fall in used car trade prices in January.
Bodyshop management system firm InSyPro has been acquired by Solera, in the latest deal to expand the supplier of automotive risk and asset management data and software.
Cap HPI has said that the leadership of its UK car valuations team will remain “in exclennt hands” following the retirement of its head of forecast, Andrew Mee.
Used car values declined by 2.1% during October and have seen a 2% dip so far in November but there is "no cause for alarm", according to Cap HPI.
Members of the National Association of Motor Auctions (NAMA) have told the organisation that it remains “business as usual” at their remarketing centres, despite the ongoing COVID-19 crisis.
A survey of in-market car buyers has found that 58% intend to go-ahead with their planned purchase within the next fortnight, despite the start of more stringent COVID-19 lockdown restrictions.
Cap HPI is poised to handle any large volume vehicle price hikes from car manufacturers in the event of a ‘no-deal’ Brexit.
