Values of electric vehicles at the three-year mark showed the biggest decline in January of any fuel type, down -1.1% month on month.
At the three-year mark, diesel emerged as the strongest performer this month, with a 0.2% increase, or around £40, while hybrids remained flat overall.
Petrol saw a marginal decline of 0.1%, or approximately £60, and plugin hybrids dropped by 0.6%, or around £175.
Electric vehicles experienced the biggest decline this month, falling by 1.1%, or roughly £240, according to figures from cap hpi.
Overall, used car prices fell just 0.1% in January. Cap hpi said the performance was the joint fourth strongest on record going back to 2012 when Cap Live was introduced.
Jeremy Yea, senior valuations editor at cap hpi, said: “Had the monthly deadline been a few days later, it is quite possible that this monthly change could have been flat or even a slight positive.
Cap Live subscribers may see this in the figures in the coming days and may have already noticed it in the brief period between the drafting of this overview and the start of February.
“It’s a bit of a myth that values go up in January, as since the introduction of CAP Live in 2012, the average monthly movement for this period is a negligible -0.2%. Only three years since 2012 have resulted in positive February monthly movements – 2012 (0.5%), 2020 (0.6%) and 2023 (0.1%) – with the weakest being a drop of 0.7% back in 2019.”
At the one-year mark, values declined, slightly surpassing the three-year benchmark with a drop of 0.3%, equating to about £150. This decrease in values for younger cars can likely be attributed to appealing new car offers and considerable discounts on pre-registered models.
