July Used Car Market Update: Prices Remain Stable with Strong Demand for Second-Hand Electric Cars

Are you in the market for a used car? Well, you’re in luck because according to the latest data from Cap HPI, used car prices only softened slightly in July. In fact, trade prices fell by just 0.4%, which is a stark contrast to the average 1.1% fall that has been recorded in July over the past decade.

This small slip in prices is a positive sign for the used car market, which is currently very stable according to Chris Plum, senior valuations editor at Cap HPI. Plum attributes this stability to strong wholesale demand, as well as a conscious decision by dealers to remain slightly understocked.

But it’s not just any used cars that are experiencing this stability in prices. Second-hand electric cars had their strongest month this year in July, with prices dropping by just 1%. This is a significant improvement considering that used EV prices have been falling for the past 23 months.

In fact, July saw some electric car models actually increase in value, such as the Polestar 2, Tesla Model X, and Kia E-Niro. On the other hand, models like the VW e-Up saw a slight decrease in value. For petrol and diesel cars, models like the Dacia Duster Diesel and Range Rover Sport Petrol Hybrid saw value increases.

Overall, the used car market is looking positive, especially for electric vehicles. So if you’re considering buying a used car, now might be a good time to start looking. Who knows, you might just find the perfect car at a great price!