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Author: Eduardo Valencia

Future Car Market Overview – SMR December 2024

Welcome to our latest overview of Service Maintenance and Repair (SMR) Budgets, previously known as the ‘gold book SMR editorial’. This is aimed at our Fleet sector customers, who may use the Budgets when setting their lease rates. CLICK HERE to read the full article.

Commercial Overview – December 2024

The latest figures from the SMMT reveal that October new LCV registrations dropped by -44.3% (-21,481) to 26,974 compared to September. This was to be expected, as the chart below clearly shows the repeating pattern, that’s punctuated by the issuing of the March and September plates. All things being equal, we should see similar increases in registrations in November and December. CLICK HERE to read the full article.

Used EV sales soar to ‘record high’ as low prices increase drive demand

Sales of pre-owned electric models increased by nearly 60 percent during the summer of 2024, with many popular models priced lower than petrol rivals. The Society of Motor Manufacturers and Traders (SMMT) has reported a sharp rise in the sale of used electric vehicles following a large increase in supply. According to the organisation, 52,423 used electric models found new owners between July and September, representing a significant 57% rise. Quentin Willson, former Top Gear presenter and founder of EV campaign group FairCharge, highlighted the increase shows a growth in trust for the zero-emission models. He explained: “The rise in sales of used EVs shows us that consumers are recognising the value, lower running costs, and minimal maintenance of electric cars. “Many secondhand EV models are now priced at the same level, or less, than the equivalent combustion cars. The low total cost of ownership of EVs is galvanising the used market. The word is out.” One of the most significant causes for the growth in used EV sales is the increasing number of ex-company cars entering the market, which led to many popular models falling in value. In some cases, electric models are cheaper to buy used compared to petrol or diesel alternatives that have covered a similar mileage. Analysis from the finance expert Cap HPI found that the average four-year-old electric car is a substantial 14% less than a petrol model of the same age. Dan Caesar, CEO of Electric Vehicles UK, noted that EVs also offer substantially lower running costs compared to petrol and diesel cars, while sharing high hopes for 2025. He added: “Lower running costs and the longevity of electric vehicles make them an increasingly appealing option. “We’d expect the trajectory of used EV sales to go from strength to strength in 2025 as more consumers discover this.” Whilst many motoring experts have praised the increase in sales of electric vehicles on the used market, some have criticised Labour’s lack of incentives for private buyers of new EVs. During the Labour’s first budget in 14 years, Chancellor Rachel Reeves confirmed the freeze on Benefit-in-Kind, the tax paid on company vehicles, will continue until 2028 but insisted that private EV owners will need to pay road tax from April 2025, a measure first proposed by the previous Conservative Government in 2022. Some automotive organisations have urged the Government to slash the VAT rate for public EV charging by half to 10 percent in a push to further lower running costs. *Article published: https://www.express.co.uk/life-style/cars/1972888/used-electric-vehicle-sales-cheap-tesla-charging – image(s) extracted from article

Cap HPI combines vehicle data and valuations teams under new senior director

Cap HPI is combining data roles under one team Stacey Ward is named senior data director Other promotions and departures confirmed Cap HPI has announced it is restructuring its data teams, bringing vehicle data and valuations operations together. Stacey Ward (pictured) has been named senior data director and will head up the combined teams. Ward has previously worked for Solera, Cap HPI’s parent company, since 2018 and previous roles include leading Autodata and the WTLP Integration project at Cap HPI. Chris Wright, vice president of North Europe for Solera, said: ‘Stacey has a wealth of experience across Solera and within Cap HPI. ‘Her drive and focus in delivering change across Autodata and Cap HPI is clear.’ ‘The changes will unlock a new focus on operational excellence and greater flexibility to meet customer requirements.’ Following the news that Derren Martin will be leaving Cap HPI later this year, Chris Plumb will head up the car valuations team. The forecast strategy team will continue to be led by Dylan Setterfield and Dionne Hanlon has been promoted to head commercial vehicles and motorcycles. Cap HPI also announced Jon Clay, identification director, will also leave the business in the coming weeks. Ward commented: ‘The team at Cap HPI deliver the data, insight and technology that drives the industry forward. ‘By bringing the new vehicle data and valuations teams closer together, we can react more quickly and flexibly to customer needs. ‘The changes will also help to speed up the pace of innovation across the business.’ *Article published: https://cardealermagazine.co.uk/publish/cap-hpi-combines-vehicle-data-and-valuations-teams-under-new-senior-director/309525 – image(s) extracted from article

Cap hpi welcomes ‘reassuring’ September BEV values rise

Battery electric vehicles (BEVs) were the best-performing fuel type in September, rising for the second consecutive month, according to the latest analysis from cap hpi. The stabilising of the BEV market is good news for dealers who were hammed by falling values in the final quarter of 2023. At three years old, BEV values have increased slightly by 0.3%, or c.£50, with many continuing to look good value for money and hitting attractive retail sweet spots. Overall values only saw a slight decline, with a 1.1% average drop at the three-year, 60,000-mile point. Over the 12 years since Cap Live was introduced, the average movement into November was a downward one of 1.3%, with the strongest year being a positive 1.2% in 2021 and the weakest being -4.2% last year. At the one-year age point, values dropped by 0.9% or c.£320, while at five years, the figure was 1.3% and at ten years 1.5%, equivalent to £170 and £70, respectively. Again, nothing untoward and reflective of a stable market for the time of year. Derren Martin, director of valuations at cap hpi, said:  “Overall, October value movements can be seen as a return to normal seasonal drops, a welcome and reassuring picture for the industry, particularly after last year’s tumultuous final quarter. “Additionally, the volume of electric vehicles selling in the trade market continues to show an upward trend. September was the second-highest volume month, only slightly trailing the record month of July this year. However, BEV values remain particularly nuanced, with some, such as the Jaguar I-Pace and Vauxhall Mokka, looking great value versus ICE equivalents.” Amongst the BEVs that saw value increases were the Citroen C4, Volkswagen ID.3 and Nissan Leaf, whilst the Tesla Model Y and Model 3 dropped in value, along with the Mini Cooper and the Mercedes-Benz EQE. Looking at all fuel types, Superminis experienced the most significant sector decline on average, down 1.4%, but this only amounts to about £150. Similar 1.2% and 1.1% declines were seen in city cars and lower-medium models, translating to roughly £100 and £150, respectively. SUVs have also been affected by the seasonal softening of prices. At three years, their average negative adjustment was 1.2%, or about £215. *Article published: https://www.motortrader.com/motor-trader-news/automotive-news/cap-hpi-welcomes-reassuring-september-bev-values-rise-29-10-2024 – image(s) extracted from article

Video: Used electric cars RISE in October as all other fuel types lose money

Used car prices fell 1.1% overall in October Electric cars were the only fuel type to rise – up 0.3% Watch our video interview with Cap HPI on the latest used car prices above Used car prices fell 1.1% in October as September plate change part exchanges dropped back into the market. The best performing fuel type, though, was electric with EVs actually rising in price by 0.3% during the month, according to data just released by Cap HPI. In a video interview about the latest on used car prices (above), Cap HPI senior valuations editor Chris Plumb said: ‘For the second consecutive month, EVs have had the strongest movement. ‘The devil is in the detail but at the three year price point, EVs still look good value.’ EVs priced between £5k-£10k saw an increase of 0.7% with those in the £10k-£15k price bracket rising the same percentage. Plumb added: ‘We think for people concerned about the cost of living, the savings with an EV start to make quite a compelling case for them.’ By comparison, used petrol car prices fell 1.4%, diesels dropped 1%, hybrids were down 0.6% and plug-in hybrids were down 1.1% in October. Plumb said demand had tapered off towards the end of October, as half term approached, and said the valuations firm believes more seasonal price changes will now take effect. He added: ‘I think that the first half of the month was okay. I think the second half people did report that they’d seen a seasonal softening. ‘I think we’ve got to be pragmatic about it, because of the time of year there has been that sort of drop off. But I don’t think it’s anything to be particularly alarmed about. I think it is just that seasonal movement that we’d normally expect.’ Biggest used car price falls Source: October 2024 data, Cap HPI Ssangyong Korando Electric -11.6% (£1766) Ssangyong Korando Diesel -8.8% (£775) Vauxhall Astra Diesel -7.8% (£796) BMW 2 Series Convertible -6.0% (£896) Nissan eNV200 -6.0% (£856) Fiat 500L -5.9% (£478) Genesis GV80 -5.9% (£2333) Genesis GV80 Diesel -5.9% (£2252) BMW Z4 Roadster -5.9% (£1625) BMW 4 Series Convertible Diesel -5.9% (£1691)   Looking ahead, Plumb says the used car market will remain stable with no sudden shocks in price changes, as was experienced at this time last year. He said: ‘All the indications and all the factors are stacking up that consumer demand may have softened, but remains fairly robust. And used car demand remains strong.’ Derren Martin, director of valuations at Cap HPI, added: ‘Overall, October value movements can be seen as a return to normal seasonal drops, a welcome and reassuring picture for the industry, particularly after last year’s tumultuous final quarter. ‘With a return to a more predictable feel about value moves in the last two months, it looks like more of the same for the balance of the year.’ Biggest used car price rises Source: October 2024 data, Cap HPI Citroen C4 Cactus Diesel 6.0% (£550) Citroen C4 Electric 5.1% (£541) Mercedes-Benz E Class Diesel 4.1% (£1163) Volkswagen ID.3 Electric 4.0% (£592) Mercedes-Benz AMG E Class 4.0% (£1550) DS DS3 Crossback Electric 3.1% (£333) Jeep Renegade Diesel 3.1% (£500) Tesla Model S 3.1% (£1133) Mercedes-Benz E Class Coupe 3.0% (£900) Lexus NX Hybrid 3.0% (£746) Martin added: ‘However, as soon as our monthly values are published, potential pitfalls will arrive. At the end of October/early November, the clocks go back, half-term arrives for most of the country, and there is the Autumn Budget. All of these can potentially adversely influence demand in the used car market.  ‘There is underlying strength, however, with a shortage of supply and steady demand, so it is likely that there will be minimal effect from these factors this year. Indeed, if interest rates drop, this could well have a positive impact.’ Watch our video interview with Cap HPI. https://youtu.be/_WPghzRBU_4 *Article published: https://cardealermagazine.co.uk/publish/video-used-electric-cars-rise-in-october-as-all-other-fuel-types-lose-money/309377 – image(s) extracted from article

How to Protect Your Business from Vehicle Cloning Scams

What is Vehicle Cloning? Vehicle cloning is a criminal activity where offenders steal the identity of a legally registered vehicle by swapping its number plates with those from another car. These cloned plates typically belong to vehicles of the same make, model, and colour, which helps the criminals evade detection by law enforcement systems, such as Automatic Number Plate Recognition (ANPR). This enables them to carry out illegal activities, including using the vehicle for fraud or theft. Why Should You Be Concerned? For businesses purchasing used vehicles, vehicle cloning can have serious consequences. If you unknowingly buy a cloned vehicle, not only could the police seize the car, but you may also lose both the vehicle and the money you spent on it. Moreover, cloned vehicles often have hidden issues, including altered mileage, a history of being written off after accidents, or stolen components, all of which could pose significant safety risks for your operations. How Do Criminals Get Cloned Plates? In the UK, criminals can easily obtain “show plates” online or over the phone, requiring little documentation. These plates, which typically cost around £20, are often dispatched the same day. They are not connected to any legal vehicle and can be used to mislead authorities. Criminals use these plates to clone the identity of legitimate vehicles, allowing them to avoid detection. How to Protect Your Business from Buying a Cloned Car To protect your business from falling victim to a vehicle cloning scam, always carry out a thorough CAP HPI Check before making a purchase. This essential step ensures the vehicle’s registration number, engine number, and Vehicle Identification Number (VIN) match the official records held by the DVLA. The check can also reveal if the vehicle has been stolen, written off, or has any outstanding finance—helping you avoid costly mistakes and reputational damage. Key Tips to Avoid Vehicle Cloning Scams Follow these important steps to ensure the vehicle you’re buying is legitimate: Check the Vehicle’s History Verify the vehicle’s history with the DVLA and ensure the vehicle is being sold from the address listed on the V5C/logbook. Inspect the V5C/Logbook Carefully Be on the lookout for counterfeit documents. Hold the V5C up to the light to check for official DVLA watermarks. If the document is missing watermarks, it could be fake. Match VIN and Chassis Numbers Ensure that the VIN and chassis numbers on the car align with official records. Use a CAP HPI Check to cross-check this information with the DVLA. Be Wary of Unrealistic Prices If the car is priced significantly lower than similar vehicles, it may be a red flag. Avoid deals that seem too good to be true, as they may indicate potential fraud. Avoid Cash-Only Payments Be cautious if the seller insists on a cash-only transaction. This may be an attempt to bypass creating a paper trail. It’s safer to use traceable payment methods. Trust Your Instincts If something feels off about the car or the seller, trust your instincts and walk away. It’s better to be cautious than to risk making a costly mistake. Why a CAP HPI Check is Essential A CAP HPI Check is a crucial step in confirming a vehicle’s history before purchasing it. The check will verify whether the car has been stolen, written off, or has any outstanding finance. Furthermore, it includes a guarantee offering financial protection if you unknowingly buy a cloned vehicle. Conclusion By taking the time to verify the history of a vehicle, you can protect your business from the financial and safety risks associated with vehicle cloning. A CAP HPI Check provides you with the necessary peace of mind, ensuring that the vehicle you’re buying is legitimate, safe, and free from hidden issues. For more information, visit www.cap-hpi.co.uk.

Commercial Overview – November 2024

August New LCV Registrations There were 48,455 new LCVs registered in September, according to the latest report from the SMMT. That’s an increase of 3,695 (+8.26%) registrations compared to September 2023. So far this year 267,339 new LCVs have been registered. That’s 9,360 more new LCVs on the road than last year when compared to the same period in 2023. CLICK HERE to read the full article.