Used Electric Vehicles (EVs) drove forecourt stability in July, with 3 year old vehicle values posting no average movement overall, according to Cazana.
EVs posted an average price increase of 1.6% at the 3-year mark, marking four consecutive months of value growth of almost 7% or approximately £1,500 per vehicle.
Derren Martin, automotive expert at Cazana: “Once again, the main story is Electric Vehicles, which continue to increase in price and sell quickly.
“With petrol and diesel prices at the pump remaining high as events in the Middle East remain volatile, more and more dealers and consumers are taking the plunge for EVs.”
Petrol and diesel values edged down by 0.1%, while hybrids fell by 0.3%. Strong EV performance is effectively preventing broader average drops.
Electric models took top spots for speed of sale as the Peugeot 208 Electric, Mercedes-Benz EQB, VW ID.4, and Tesla Model Y all averaging 14 days to sale.
Hatchbacks proved to be the standout performer for the second month running, rising roughly 1%. Estates and saloons dipped (1%), while SUVs remained flat (-0.2%) and MPVs slipped by 1.5% (-2.5% over two months), and convertibles fell 2%.
Renault, Ford, and Kia posted the strongest gains, each rising by around 1% at the 3-year point.
Land Rover (-1%) and BMW (-0.6%) saw a slight softening.
One-year-old cars rose +0.2%, 5-year-old cars increased 0.4% (£50), and 10-year-old cars dipped 0.5% (£40).
Car supermarkets adopted the most bullish pricing strategies (+1.5%), followed by franchised main dealers (+0.5%).
Independent dealers were the only group lowering advertised values (-1.5%).
Martin said: “Looking at the next few weeks, it will be interesting to see if demand drops as the school holidays continue.
“With volumes on forecourts increasing, it doesn’t seem likely that prices will rise overall, but they should remain relatively stable.”
