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.
Used car values have dropped for the first time since before March's COVID lockdown as motor retailers pushed back against high prices for cars, says Cap HPI.
Cap HPI’s head of valuations has said that the continued growth in used car values is “not sustainable in the long-term” - but may continue into 2021.
Sales in the used car retail sector showed signs of “cooling off” according to a market report which revealed declining in activity during August – with retail sales down 3.3% year-on-year.
Used car values showed little sign of an impending “market correction” as prices rose by an average of 0.2% across the sector during August, Cap HPI has reported.
Used car values rose by 0.4% during July as automotive retail's lockdown recovery delivered the month’s first price rise since 2009, Cap HPI has reported.
Aston Barclay has said that a surge in demand for used cars stock has seen value rise to its records highest ever level for a Q2 period – with older cars and diesel vehicles leading the way.
The used car market could be on course for a similar “market correction” to that seen in May last year after car dealers and remarketing companies flew out of the blocks post-lockdown.
June delivered its first rise in used car values since 2009 in a two-tier post-lockdown market defined by increased demand for older, cheaper vehicles, according to Cap HPI.
Car retailers have been urged to “hold their nerve” and not rush to liquidate stock ahead of an anticipated rise in sales demand following June 1’s re-opening of car showrooms across the UK.
The UK's commercial vehicle market is forecast to be down by a quarter on 2019, and Cap HPI's CV expert Steve Botfield has warned the van sector's "landscape may have to change" for the medium term.
Since coronavirus lockdown started in late March Cazana has recorded a small uplift in values for sub-£10k vehicles, and there’s no been “race to the bottom” in the car market.
Growing volumes of COVID-19 coronavirus lockdown used car sales have prompted Cap HPI to admit that the time is right for recommence valuation changes – and initial sales suggest a 2% to 5% decline.
Trade and wholesale car sales delivered 3,500 vehicles into the used car market during April’s COVID-19 coronavirus lockdown automotive retail sector, according to Cap HPI.
Clarification of car retailers’ ongoing ability to sell cars online and deliver them to customers during the COVID-19 coronavirus lockdown period has been hailed as “great news”.
The automotive industry is starting to look beyond the end of lockdown and weigh-up what the short and medium-term impacts of the COVID-19 coronavirus crisis will be.
