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.