Cap hpi reports consistent used car market stability

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The used car market is stable, marking the third strongest March into April monthly movement since 2019, according to cap hpi.

Average value movements at three years declined by 0.1% (£70) reduction. One-year-old vehicles decreased by 0.1%, with five-year and 10-year age points declining in value by 0.7% and 1.8%, respectively.

Jeremy Yea, senior valuations editor at cap hpi, said: “Cars in good condition with low mileage and holding good provenance are still the most sought after within the market and across all mainstream vehicle sectors.

“These are viewed as fast-churning good retail stock, where competition remains strong despite the increase in wholesale supply levels throughout this new registration plate month.

“This injection of increased used supply into the market has certainly not dampened the desire to buy, and current supply and demand levels are still well matched.”

City car was the strongest performing sector, an increase of 1.1% (£80) at three years due to its affordability.

However, older high mileage and damaged stock appear to be the main challenge, resulting in deductions throughout March.

Yea concludes: “Used car sales have remained healthy within an overall upbeat and stable retail marketplace. The consensus is that consumer enquiries remain at good levels.

“This return to what can only be described as ‘normal seasonality’ has been a much-needed period of stability welcomed by retailers during this important first quarter of the year.”

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