Values at the three-year, 60,000-mile benchmark, recorded no change or 0%, according to Solera cap hpi. In terms of fuel type, BEV values fell under the most pressure with a £1.7% reduction (£320).
At the three-year mark, values increase by 0.4% (£70) for hybrid vehicles and 0.3% (£45) for petrol cars. Values for diesel vehicles remained level with no change and PHEVs fell behind with a movement of -0.2% (£60).
Chris Plumb, head of current valuations for Solera cap hpi, said: “With the latest reduction in values for BEVs, this now marks the fourth consecutive month of negative adjustments.
“Over the past 12 months, only two months, October and November, saw stable values, with BEVs being the strongest-performing fuel type during that time.”
The BEV market is fragmented, Plumb notes performance varies from one model to the next.
He added: “Looking at the numbers for three-year-old vehicles, we saw that 57% of models experienced value reductions, while 37% managed to hold steady (up from last month’s 30%).
“On the brighter side, 6% actually saw positive adjustments! And despite a wave of negative media coverage, the Tesla Model Y held steady, while the Model 3 dipped by just 1% or £163, which is slightly better than the average for all BEVs this month.”
Retailers has been concerned about the increasing pressure on profit margins since the start of the year. Replenishing specific stock profiles (mainly clean vehicles aged between three to five years old) whilst remaining competitively priced has not been an easy task for retailers.
Cap hpi notes retailers remain understocked and are adopting a ‘little and often’ approach to sourcing vehicles. This often forces them to pay a premium to secure stock.
