The average price of a used car advertised via Auto Trader increased by 0.8% in May, despite ongoing reports of declining values.
Used car prices have continued to decline during June as a “realignment of values” impacts all vehicle sectors, according to Cap HPI.
Car dealers have been called upon to end unnecessary used vehicle stock value losses of up to 5% by creating a centralised national service history database.
BCA chief operating officer Stuart Pearson has said that buoyant 2018 used car values may have created ‘unrealistic expectations’ among used car dealers after another year-on-year decline at its auctions.
Despite volatile alternative fuel vehicle (AFV) values and reports of significant decline across the sector, there is ‘no need' for car retailers to heavily write back stock values, according to Cazana.
Brexit is yet to have an impact on used car values in the UK according to Cap HPI’s latest analysis of the UK automotive sector.
Cazana director of valuations Rupert Pontin has claimed that its data suggests there is ‘no evidence’ to support suggestions of a significant decline in used car values in recent months.
Used car values have experienced their most severe May decline since Cap HPI’s records began in 2012 and the heaviest monthly drop since December 2014.
Car buyers searching for a used electric vehicles (EVs) are being "pushed out" of the market by prices after average values rose by 11% to £23,361 during April, Auto Trader’s Retail Price Index has revealed.
A “market correction” has wiped £500 to £1,000 off the price of the some used cars during May, according to data published by Cap HPI.
A bank holiday-induced dip in consumer demand has been blamed for a 4.6% decline in the average price of a used car sold at auction during April in BCA’s monthly Pulse Report.
Traditionally the used car market in April is buoyant and there are plenty of retail buyers on the forecourt but that has not been the case in 2019.
The volume of used electric vehicles (EVs) available in the UK has risen by 27% since 2017, according to Cap HPI.
City cars and superminis seemed to be falling out of favour as the two segments led the largest April decline in used cars values since 2011, Cap HPI has reported.
Auto Trader's monthly Retail Price Index report has revealed that March’s 2.3% growth in used car values represented the sector’s slowest growth since August 2017.
Car dealers reported a 60% decline in demand during March as reaction to political uncertainty over Brexit the introduction of WLTP-related taxation changes caused owners to hold on to their cars for longer.
Strong demand for used diesel vehicles has resulted in a 5.6% increase in values during Q1 as part of an apparent resurgence in popularity, according to data published by Autorola.
Cap HPI has reported that used car values have “softened” during March as the SUV segment defined an overall average decline of 0.9% at three years and 60,000 miles.
BCA’s monthly Pulse Report has revealed that the average price of a used car offered at auction rose by 3.3% year-on-year during February – a rise of £322.
Wholesale used car prices rose by 0.5% month-on-month in February as car retailers continued to express their concerns about margin compression, Cox Automotive reported.
