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Author: Eduardo Valencia

Car Market Overview July 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 May 2024 and used car activity at the time of writing. All information is correct as of 24th June 2024. CLICK HERE to read the full article

Future Car Market Overview – SMR July 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

Cap Hpi Announces Toyota Aygo As 2024 Used Car Of The Year

Automotive data company cap hpi has revealed the winners of its Used Car of the Year Awards for 2024. The awards are based on a comprehensive data-led judging process that evaluated various factors, including residual value performance and new car registrations. The Toyota Aygo emerged as the overall winner, also securing the City Car of the Year title. The Toyota Aygo impressed cap hpi’s team of automotive experts and analysts with its economical nature and low running costs. Tesla’s Model 3 was named Battery Electric Car of the Year. In the SUV category, the Dacia Duster, Kia Sportage, and Volvo XC90 won in the small, medium, and large SUV categories, respectively. Derren Martin, director of valuations at cap hpi, commented: “It has proven to be a vintage year for the cap hpi Used Car Awards. The awards were informed by an extensive review of the data to select the best car in each category and an overall winner. We are pleased to announce the winners from our partners across the industry.” The winners across various categories are as follows: Mark Turnbull, director of OEM and consulting at cap hpi, remarked: “The automotive industry continues to raise the bar in terms of innovation and quality. The strength of the models in this year’s judging is a testament to the health of the sector.” This statement underscores cap hpi’s commitment to recognising excellence in automotive performance. About cap hpi and Solera Holdings, Inc. cap hpi provides decision support data and software solutions spanning vehicle valuation, validation, collision, mechanical repair, and total cost of ownership. The company helps users make informed automotive decisions by offering a comprehensive source for data and software solutions that cover every aspect of a vehicle’s lifecycle. The company operates from an international hub in the UK, ensuring consistent and high-quality systems, coding, data collection processes, and valuation methodologies across all markets. Local industry experts manage valuations and forecast data to enhance accuracy. cap hpi is part of Solera Holdings, Inc., a global leader in vehicle lifecycle management software-as-a-service, data, and services. Solera serves over 280,000 global customers and partners in more than 120 countries. Pictured: (left to right) Jenny Justice, senior manager, remarketing services at Toyota; Alexandra Dixon, used vehicle programme specialist at Toyota. Category Winner Overall Used Car of the Year Toyota Aygo City Car of the Year Toyota Aygo Supermini of the Year Dacia Sandero Lower Medium Car of the Year Vauxhall Astra Upper Medium Car of the Year BMW 3 Series Executive Car of the Year BMW 8 Series MPV of the Year Dacia Jogger Small SUV of the Year Dacia Duster Medium SUV of the Year Kia Sportage Large SUV of the Year Volvo XC90 Battery Electric Car of the Year Tesla Model 3 Small Van of the Year Volkswagen Caddy Medium Van of the Year Ford Transit Custom Large Van of the Year Mercedes-Benz Sprinter *Article published: https://www.drivespark.com/four-wheelers/2024/used-car-of-the-year-awards-2024-highlights-011-49689.html – image(s) extracted from article

‘Never a better time’ to buy a used EV as prices dip below ICE

There has “never been a better time” to buy a used electric car, as they are significantly more affordable than their combustion-engined counterparts at present. That’s according to Chris Plumb, EV specialist at vehicle valuation firm Cap HPI, who told Autocar that some models “can’t get any cheaper”. According to Cap HPI, the retail price of a three-year-old electric car is now 8.5% lower than that for an equivalent petrol or diesel. For four-year-old cars, the gulf widens to 14%. The firm added that values of used EVs had halved since September 2022, regardless of their age or mileage. Plumb told Autocar that this is a result of supply and demand. EVs’ share of the new car market soared during the pandemic so now, as many of those cars come off company fleets and finance agreements, the supply of second-hand examples is soaring. “Every month we’re setting new records on the monthly volumes [of EVs] that are coming into the market, which isn’t a surprise, because everything comes back to the new car registrations from three or four years ago,” explained Plumb. He added that the dip in used prices can also be attributed to the incentives offered by manufacturers on purchases of new electric cars, with the UK’s new zero-emission vehicle mandate adding pressure to boost sales volumes. This makes used EVs less attractive in comparison, depressing values. Plumb elaborated: “Discounts on new [cars], preferable finance terms, sometimes you get a free charger thrown in as a package; when you look at what the offer is on new compared to the nearly new products or used offerings, the new offering sometimes looks a lot more attractive.” He added that older and leggier EVs can sell much more quickly than nearly new stock, because of their low prices. Plumb said: “For EVs three or four years old in the market and sitting below £20,000 at retail, so below £18,000 in trade, when we look at [how long they take to sell] from retail adverts, they are now comparable or faster than petrol. “When you get up to sub-12 months old, there becomes a bit more of a challenge, and that’s the area of the market that’s a bit more fragmented.” He concluded: “I don’t think there has ever been a better time to buy an EV, because of the new car discounts that we’re seeing and how much value for money that going used offers. “Some of these vehicles can’t get any cheaper, so we might find that they increase in value over time as consumer demand increases.” *Article published: https://autos.yahoo.com/never-better-time-buy-used-112232056.html – image(s) extracted from article

Commercial Overview June 2024

For what it’s worthApril New LCV RegistrationsThe latest report from the SMMT shows that new LCV registrations were up by 5.4% (1,224 units) in April when compared to April 2023. Year to date, there have been 118,701 new LCVs registered. That’s an increase of 8,764 (+8%) more than during the same period in 2023. CLICK HERE to read the full article