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Declining Values of Older Used Cars May Indicate a Looming Market Dip

March 29, 2023•1 min read

Introduction:

A recent article from am-online.com discusses the potential downturn in the used car market after March saw an increase in average vehicle prices.

The decline in the value of older and more affordable used cars could be an indicator of this impending dip, according to Cap HPI.

Cap HPI, reported a 0.5% decline in the average value of used cars at their three-year, 60,000-mile benchmark at the end of a trading period that had surpassed expectations for many dealers.

The firm predicts that the Easter holiday period and cost-of-living pressures could soften the upward trajectory of used car values.

Notably, older used cars have already experienced a slight decline in value, which can often foreshadow trends in the rest of the market.

Additionally, the report highlights the continuous decline in used electric vehicle (EV) values for the seventh consecutive month, with a 5.4% decrease at the three-year mark.

However, the demand for used petrol and diesel cars still outpaces that of their EV counterparts.

You can read the full article at the following link

Pete Withers

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