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Author: Eduardo Valencia

Future Car Market Overview – New Cars September 2024

Welcome to the latest version of our overview. Our aim is to bring you the best content and layout, making it easy to identify new and revised information. As always, any customer feedback would be appreciated: e-mail [email protected] The content is structured as follows: Forecast Changes Market Conditions Historic Forecast Accuracy Forecast Methodology & Products Sector Reforecast Schedule 2024   CLICK HERE to read the full article.

Future Car Market Overview – SMR September 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. Any customer suggestions for improvement would be appreciated: please e-mail [email protected] Following our acquisition of Derwent Management Services in 2014, cap-hpi Ludlow (Derwent) data has been used to populate our SMR budget forecast product since October 2014, but there have been no technical changes to any of our data files or services. CLICK HERE to read the full article.

Future Car Market Overview – Used Cars September 2024

Welcome to the latest version of our overview. Our aim is to bring you the best content and layout, making it easy to identify new and revised information. As always, any customer feedback would be appreciated: e-mail [email protected] The content is structured as follows: Forecast Changes Market Conditions Historic Forecast Accuracy Forecast Methodology & Products Sector Reforecast Schedule 2024   CLICK HERE to read the full article.

Car Market Overview September 2024

This monthly overview provides an update on the current new and used car markets in the UK. We will report on new car registrations to the end of July 2024 and used car activity at the time of writing. All information is correct as of 23rd August 2024. CLICK HERE to read the full article.

Used electric cars are now cheaper than petrol and diesel equivalents

Expert analysis shows prices on forecourts to be 8.5% lower for EVs; helping drive huge surge in used EV sales Values of used EVs have tanked since 2022, bringing prices lower than combustion equivalents Used premium models can be on par with new budget cars Great value to be had on popular models Increased supply of used EVs boosts availability Tesla Model 3 tops used sales charts Time to go electric? Electric cars haven’t just hit price parity with petrol and diesel ones – they’re now cheaper. At least on the used market. Experts have revealed that a used electric car is now significantly cheaper than the equivalent petrol or diesel-engined alternative. The news comes alongside a huge surge in the sales of used electric vehicles (EVs) which has helped fuel a big recovery in used vehicle sales – which see the first six months of 2024 sit just 3% below pre-pandemic levels. Check out our favorite used electric cars here Used EVs cheaper than combustion cars for the first time The price of electric cars is a common complaint and cited as a reason for sales being poorer than car manufacturers need. However, the used market is proving to be the opposite to the world of brand-new models. Analysis by experts at Cap HPI shows the average electric car is around 8.5% cheaper than a petrol or diesel counterpart at three years old. At four years old, the difference is an impressive 14%. Combined with the potential for reduced running costs, EV ownership could now be well within reach of many more motorists than before. Why are used models so cheap? Well, there’s the pace of development. Even in just a few short years, the battery and motor technology has moved on significantly. A used Vauxhall Corsa-e, for example, has a real-world range of around 150 miles, whereas a brand-new Corsa Electric will do 200 miles for a 25% improvement. Consumer confidence in used models can also be weak. In an Autocar poll, 75% of motorists asked cited ‘serious concerns’ about purchasing a used electric vehicle, with the most common of these being wear on the battery from previous owners’ use. This is despite EV battery replacements being very rare, especially in three-to-four-year-old models. The standard warranty cover for electric car batteries is eight years or 100,000 miles, with some manufacturers offering even longer – and this typically covers the battery from failure or degradation below around 80% of its original capacity. Sell your electric car with Carwow Cap HPI’s used EV specialist, Chris Plumb, explained that “the growing availability of second-hand electric models is driving demand as motorists want to reduce their environmental footprint and make significant motoring cost savings due to high diesel and petrol prices”. Used EV bargains Up to £10,000 The very lowest end of the market is reserved for cars like the first-generation Nissan Leaf or, god forbid, the G-Wiz – models that aren’t really very useful in 2024. However, getting closer to the £10,000 mark opens up some brilliant used EVs, such as the Volkswagen e-Golf, BMW i3 or Renault Zoe – all of which have a usable range and are excellent to drive. £10,000 – £20,000 This budget gives you scope to shortlist many more modern EVs, including several which remain on sale today. The Tesla Model 3 is a hugely popular car both new and used, and a four-year-old example is well within this budget. If you want something smaller, the aforementioned Vauxhall Corsa-e is a good small EV. Near the top end, you can find practically new low-mileage 2022 or 2023 models of cars like the MG ZS EV, second-generation Nissan Leaf or Kia Soul. £20,000 – £30,000 At this stage you have the pick of the EV market – you can get great deals on a new model, but another option is to pick up a used premium EV for the price of a new budget one. Models such as the Toyota bZ4X, which are terrible value new, become much more tempting when delivery-miles examples are less than £30,000. Or, opt for something from a proper luxury brand, such as a Jaguar I-Pace or Audi e-tron. £30,000 – £40,000 Some of our all-time favourite electric cars are options at this price. The Hyundai Ioniq 5, BMW iX or Kia EV6 are all available for less than £40,000. Desirable models with hugely impressive stats, such as the Tesla Model 3 Performance, are also tempting options. Boost in EV sales helps recovery of used market The uptick in sales of used electric cars has helped the used car market as a whole. Data from the Society of Motor Manufacturers and Traders (SMMT) revealed over 1.96m transactions in Q2 – 7.2% more than the same period last year, and 6.8% up year-to-date. Sales of used EVs, meanwhile, rose by an impressive 52.6% year-on-year. The resulting boost sees overall car sales just 3% lower than they were pre-pandemic, signifying a recovery in the market. SMMT chief executive Mike Hawes said: “It’s encouraging to see the used car market continue its recovery, with choice and affordability rejuvenated by the new car sector’s sustained run of growth. “The increased supply of electric vehicles to second and third owners is helping more motorists make the switch – underlining the importance of energising the new EV market to support a fair transition for all. “Maintaining momentum requires reliable, affordable and green EV charging up and down the country, and incentives to get all of Britain on board the net zero transition.” Looking for an easy way to change your car? Then Carwow is the place to go. You can sell your car online for a great price, and get the best deals on a new one. All through our network of trusted dealers and all from the comfort of your home. Tap the button below to get started today. Change your car the easy way *Article published: https://www.carwow.co.uk/news/7858/used-ev-prices#gref – image(s) extracted from article

Used car values decline slightly in July: cap hpi

In July, the average value of used cars decreased by 0.4%, equating to around £70 at three years and 60,000 miles, according to cap hpi, a provider of software and data for the automotive industry. This contrasts with the average decline of 1.1% seen since 2012, when Cap Live was first introduced, indicating a mixed market. Values at the one-year mark fell by 0.6%, approximately £190. Older cars saw marginal declines, with values dropping by 0.6% (£55) at five years and 1.6% (£60) at ten years. Used car values, July 2024 Mainstream sectors exhibited varied performance. Lower Medium (C segment) cars experienced the largest drop at 0.9%, followed by Sports at 0.8%, and City Car and Supermini both at 0.6%. SUVs showed the strongest resilience, decreasing by only 0.3%. Jeremy Yea, senior valuations editor at cap hpi, commented on the trends: “The data highlights the strength of the used market as a whole and especially for the SUV sector, which makes up nearly 60% of our used sold data up to three-years-old.” Battery Electric Vehicles (BEVs) faced more pressure than other fuel types, with a decline of 1.0% or about £135 at three years and 60,000 miles. Yea noted, “The rate of decline in BEV values has shown signs of improvement, with the -1.0% movement being the strongest month for BEVs so far this year.” Among BEV models evaluated at the three-year benchmark, 10% saw value increases, a slight improvement from 7% the previous month. Meanwhile, 20% of models maintained their value, and 70% saw declines. Notable value increases included the Polestar 2 (up 2.3%), Tesla Model X (up 2%), and Kia E-Niro (up 2% or around £240). The Cupra Born, Tesla Model Y, and VW ID.3 models that remained steady. The VW e-Up faced the largest decrease at 5.1%. Petrol vehicle values fell by 0.4%, diesel by 0.2%, hybrids (HEV) by 0.4%, and plug-in hybrids (PHEV) by 0.6%. All fuel types outperformed the seasonal average monthly reduction. Some models saw notable increases in value: the Dacia Duster Diesel and the Range Rover Sport Petrol Hybrid rose by 3% and 4%, respectively. The BMW X4 Diesel (4%/£1,170), Nissan Qashqai Diesel (3%/£365), and Toyota RAV4 Hybrid (2%/£400) also appreciated. Models that maintained their value included the Peugeot 508 Diesel, Mini Countryman Petrol, BMW 2 Series Gran Coupe Petrol, Mercedes GLA Diesel, and Kia Sportage Petrol. Looking ahead, Yea remarked, “August will likely see more retail consumers prioritising their holidays over purchasing a new or used car, so consumer buying activity could be a little more muted during the summer holiday period. This may not dampen dealers’ appetite to buy used stock when given the chance. With fewer used cars likely to be returned to the market in the run-up to the September registration month, this could keep things slightly more positive than the usual seasonal average movement. As always, keeping close to daily Cap Live values remains paramount for all fuel types as demand and supply dynamics play out differently for different models.” In 2008, Solera, a provider of vehicle lifecycle and fleet management software-as-a-service, data, and services, acquired cap hpi. Used EV prices drop 43%, demand increases: INDICATA Global EV sales hit record high in Q2 2024: New AutoMotive “Used car values decline slightly in July: cap hpi” was originally created and published by Motor Finance Online, a GlobalData owned brand. *Article published: https://finance.yahoo.com/news/used-car-values-decline-slightly-091510992.html – image(s) extracted from article

Commercial Overview – August 2024

According to the latest report from the SMMT, 33,066 new LCV were registered in June. That’s 1,564 (-4.5%) less than were registered in June 2023. With no real explanation for this downturn, it remains to be seen if it continues or if it’s merely a blip. Year to date registrations remain ahead of 2023 by 7,694 units (+4.5%). However, historic data from the SMMT tells us to expect a progressive decline in new LCV registrations throughout July and August. This is attributable to the seasonal effects of holidays and the tendency for LCV operators wait for the September plate, which of course will eventually have an impact on residual values. CLICK HERE to read the full article.