Values for used cars droped in October according to data from cap hpi, which said it saw significant signs of a weakening market in the second half of the month.
Overall three-year-old cars with 60,000 miles fell by -1.2% in value, however the drop varied by fuel type.
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Diesel and petrol values both took heavy hits, with drops of 1.5% and 1% respectively. Hybrids fared better with a fall of just 0.4%.
EV values, in contrast, held steady, and saw values for three years, 60,000 miles rise by 0.3%. Some models were particularly resilient: the Renault Zoe increased by 4.9%, the Nissan leaf by 3.8% and the Citroen C-Zero by 2.8%.
Nearly new cars, with between 5,000 and 10,000 miles, also dropped 1.3%, which cap hpi attributed to “higher volumes of short-term rental vehicles appearing in the market”.
Cap hpi also noted the level of pre-registered vehicles appeared to be growing, which it said could lead to a further price erosion.
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By GlobalDataJames Dower, senior editor of Black Book at cap hpi, said: “In comparison to 2016, and the average observed since 2013, this was slightly less of a reduction than we have previously seen. However, it has signalled the steeper drop in values that would normally be expected moving into November. The later we moved into October, the steeper the decline in values.”
“All fuel types saw a dip, reflecting the general market conditions. The larger reduction witnessed on diesel reflected the increase of fleet and leasing returns that have, historically, seen greater proportions of diesel product.
“There is no doubt that the market is slipping back at its fastest rate this year, and the likelihood is that we will continue to see prices erode at pace through November and December. Stock purchase decisions will need to take into account how quickly the market moves.”
