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Used Car Prices Set New Record with a 0.5% Increase in March

March 30, 2023•1 min read

Used car prices in the UK rose by 0.5% in March, marking a new record and completing a strong first quarter, according to an exclusive interview with Cap HPI's Director of Valuations, Derren Martin, in Car Dealer Magazine.

This increase represents three consecutive months of growth in the first quarter, a first-time occurrence.

While older cars and electric vehicles (EVs) experienced softening values, petrol and diesel cars saw prices rise by 1% and 0.5%, respectively.

Removing EVs from the data, overall used car prices would have increased by 0.8% in March.

Martin noted that the EV market is volatile, and dealers are cautiously stocking electric cars again, as there are relative bargains to be found in the EV segment compared to the high prices in petrol and diesel vehicles.

You can read the full article here.

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Pete Withers

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