Used car trade values are continuing an “unparalleled shift upwards”, according to Cap HPI.
CAP hpi’s daily Live trade values reported an overall increase of 4.8% at the three-year point during the month of June, equivalent to over £625 per car. This rise follows the 2% increase during April and 6.7% increase in May, signifying that on average, values have increased by a staggering £1,700 or 13.5% in the last three months. This rises to £2,500 for one-year old cars over the same period.
Younger cars, up to one-year old, have seen rises of £2,500 in the same period.
“Consumer demand has remained very strong in June, despite half-term, great weather, and Euro 2020 to distract people.
“With stock-turn high, this has led to retailers requiring a constant supply of cars to replenish their forecourts,” said Derren Martin, head of valuations at Cap HPI.
“Well-documented new car supply issues resulting from several component shortages, have led to fewer fleet returns and part exchanges. This has caused demand to outweigh supply for the third month running,” he added.
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