EVs are scrapped at half the rate of ICE vehicles, says cap hpi
Petrol and diesel vehicles are written off and scrapped by insurers at double the rate of EVs, according to a data study conducted by cap hpi. In the pure electric vs ICE category, with regards to scrapped vehicles aged one year and under, a total of 40 EVs were scrapped out of the 334,525 on the road compared with 701 of 2,026,146 ICE vehicles. At three years and under, 782 of 912,341 EVs were scrapped compared with 10,300 of 5,788,617 ICE vehicles while at five years and under, 1,433 of 1,130,581 EVs were scrapped against 33,700 of 10,278,745 ICE vehicles. Jonathan Clay, cap hpi identification director, commented: “It’s essential that the industry has an accurate picture of emerging trends as the EV market continues to develop. “With repair costs for EVs running up to 29% higher than ICE vehicles, according to a Solera study, it’s important to understand the impact on scrappage rates.” With regards to the electric and hybrid vs ICE, electrics and hybrids aged one year and under, 203 EVs were scrapped of a total of 960,902 compared with 544 of 1,406,637 ICE vehicles. At three years and under, 2,356 of 2,389,352 EVs were scrapped, compared with 8,726 of 4,311,606 ICE vehicles while 4,635 of 3,057,881 EVs at five years and under were scrapped against 30,528 of 8,351,445 ICE vehicles. *Article published: https://www.motortrader.com/motor-trader-news/automotive-news/evs-scrapped-half-rate-ice-vehicles-says-cap-hpi-21-05-2024 – image(s) extracted from article
WLTP – how cap hpi is helping the Finance industry
WLTP – how cap hpi is helping the Finance industry Watch this short video to see how we’re helping our customers navigate the challenges of WLTP and improvements we’ve made to New Vehicle Data If you have any questions about WLTP please contact your account manager or visit the FQA section of the WLTP portal here.
WLTP – how cap hpi is helping the Fleet industry
WLTP – how cap hpi is helping the Fleet industry Watch this short video to see how we’re helping our customers navigate the challenges of WLTP and improvements we’ve made to New Vehicle Data If you have any questions about WLTP please contact your account manager or visit the FQA section of the WLTP portal here.
Used cars now selling almost twice as quickly as 2023
Trading platform HonkHonk reports some car models selling within two hours Used car market showing strongest sign yet recovered from last year’s crash Prices rising for all used cars in good condition Used cars are now selling almost twice as quickly as in 2023, in the strongest sign yet that the market’s bounced back from last year’s crash. Trading platform HonkHonk reports some used cars are selling to dealers within two hours of being listed on the online platform. Prices paid are also rising for models across the board that are in good condition too. In December last year, This is Money reported that the months of October and November saw a 4.2 per cent drop-off in used car prices in both months – the biggest monthly fall in average second-hand prices recorded by Cap Hpi since May 2011. That was an equivalent to an average price drop of £1,625 in just two months. But now the general recovery of the second hand market appears to be on the upwards trend again, with HonkHonk finding that cars of all styles are seeing rising demand. The ten faster sellers in recent weeks varied massively across budgets and models. It includes a standard Vauxhall Corsa worth £4,000, an Aston Martin Vantage worth £42,750 and an Audi RS3, sold for £51,000. The two fastest selling cars were a 2019 Range Rover Sport going for £34,500, and a 2022 Volvo XC40 which was bought for £27,500 – both snapped up within two hours of their owners listing them on HonkHonk. The car that remained unsold for longest was a 2006 Aston Martin Vantage Coupe, which remained on the site for 144 hours. Most cars priced at under £10,000, in good condition and with full service history, are selling within 24 hours. The slowest car to shift was a 2006 Aston Martin Vantage Coupe, which remained on the site for 144 hours. While nearly-new second hand luxury cars can sell very quickly, older models from premium badges will take longer to shift, with dealers needing to line a customer up first Fastest selling used cars in 2024 so far: Year Make Model Value Hours Days 2019 Range Rover Sport 34500 2 1 2022 Volvo XC40 27500 2 1 2017 Kia Sportage 11750 4 1 2021 Audi A1 20000 4 1 2016 Vauxhall Corsa 5dr 4000 4 1 2017 Aston Martin Vantage 42750 4 1 2023 Audi RS3 51000 6 1 2013 Nissan Qashqai 4600 7 1 2019 Mercedes GLE 35000 8 1 2020 Ford Fiesta ST 13500 12 1 2014 Volkswagen Polo 3900 20 1 2013 Citroen C1 5000 22 1 2019 Renault Kadjar 11600 48 2 2019 Mercedes C Class Cabriolet 18500 51 3 2013 Fiat 500 3500 69 3 2014 BMW 4 Series Convertible 14800 71 3 2018 Mini Countryman 15300 74 4 2015 Audi A3 8000 87 3 2012 Porsche Cayman 22500 94 3 2006 Aston Martin Vantage Coupe 16000 144 6 Source – HonkHonk Prestigious marques over ten years old need the dealer to have a customer who already wants that exact model in mind before they will make a serious offer. Despite the end of year slump, the UK’s used car market grew by 5.1 per cent in 2023, thanks to re-energised supply, levelling prices and a record year for electric vehicle (EV) sales. The Society of Motor Manufacturers and Traders (SMMT) latest figures show there were 7,242,692 used car transactions last year, with driver’s turning to more affordable second hand motors after feeling the pinch from rising costs of living. Last year motorists were often unaware that the mercy of unusually high depreciation, and refusing good offers. Dealers were subsequently urging drivers to accept the first offer they got because it was usually the best. But now that dynamic has shifted in 2024, as demand increases and dealers snap up the best cars as fast as possible. Sebastien Duval said: ‘For most other cars, whatever the size or style, demand is strong from dealers looking for stock in a market that is much stronger than last year. ‘The speed of sales we’re seeing now is very good news for consumers because no one wants a long drawn-out process when they’ve decided to sell. ‘Motorists have adjusted to more realistic expectations too, so dealers are less frustrated by having their best offers rejected – a consistent problem we reported last year – so everyone is winning.’ *Article published: https://www.thisismoney.co.uk/money/cars/article-13323727/Used-cars-selling-twice-quickly-2023.html – image(s) extracted from article
Commercial Overview May 2024
For what it’s worthMarch New LCV RegistrationsAccording to the latest report from the SMMT, new LCV registrations were up by 11.1% (52,916 units) in March when compared to the same period in 2023 (47,634 units). CLICK HERE to read the full article
Future Light Commercial Vehicle Overview – New Commercials May 2024
This is the cap guide to future residual values for light commercial vehicles. Individual forecasts are provided inpounds and percentage of list price for periods of twelve to sixty months with mileage calculations up to 200,000. CLICK HERE to read the full article
Future Light Commercial Vehicle Overview – Used Commercials May 2024
This is the cap guide to future residual values for used light commercial vehicles. Individual forecasts are provided inpounds for periods from twelve months to four years. CLICK HERE to read the full article
Future Car Market Overview New Car May 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. CLICK HERE to read the full article
Future Car Market Overview Used Car May 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. CLICK HERE to read the full article
Future Car Market Overview SMR May 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