Used values fall in November
28 November 2017
Slowing retail demand and an increase in wholesale stock availability pushed used car values down by 2% in November, at three years 60,000 miles, according to vehicle data experts cap hpi.
Average values at both six months 5,000 miles and 12 months 10,000 fell by 2.1%, a higher rate than seen in the same period of 2016 where the downward movements were 1.8% and 1.9% respectively.
James Dower (pictured), senior editor of Black Book at cap hpi said: "We can see a seasonal slide in values that reflect the slowing retail market conditions and movement mirrors last year. The higher than usual drop in nearly new stock is attributed to the additional volumes of short-term rental business that had been written in the first half of the year entering the wholesale market."
Older vehicles values at five years 80,000 miles saw an average reduction of 1.9% but the 10 years 100,000 miles category only saw a downward movement of 1.0% as fewer older cars appeared in the wholesale market.
Performance by fuel type at three years 60,000 miles showed the relative strength of hybrid cars, which only saw values move back by 0.6%, meanwhile petrol saw a drop of 1.8% and diesel 2.3%.
Dower concluded: "Many of the larger groups and supermarkets will be looking for value and will remain actively buying throughout the month and there will also be some vendors who are keen to ensure that their end of year stock targets are achieved. Black book live will continue to report on the daily market moves and will offer its subscribers the best possible intelligence for purchase and disposal decisions."