Cap HPI Car of the Year Awards to reveal best performing used cars

The best-performing used cars will be revealed by Fleet News when the winners of the Cap HPI Car of the Year Awards are announced on Friday (April 21).

Car manufacturers, retailers, fleet operators and remarketing businesses will be among those keeping a keen eye out for the results of the awards, which are determined solely by data, with residual value (RV) performances data linked to new car registration volumes to ensure they reward market segment winners that “truly performed the best” over the course of 2022.

“We’re really excited about revealing the winners of the first Cap HPI Car of the Year Awards,” said Cap HPI director of valuations Derren Martin.

“This is a properly data-driven awards, so it will reveal that vehicles that truly performed the best for so many people who have a stake in the sector.”

Run in partnership with Fleet News and its sister title AM, the inaugural awards were determined by combined year over year deflation data at both one and three years old with a new car registration metric.

Cap HPI said the methodology enabled it to determine which models had performed the best in terms of used values, without giving undue weight to vehicles which are only available in very low volumes.

The awards launch comes in a year that saw used car values stabilise after a record 29% rise in 2021.

In 2022 Cap HPI’s data showed that the average used car grew by just 3.1% in value at its benchmark three years, 60,000-miles.

The period ended with a decline in used electric vehicle (EV) values.

Martin said: “The team at Cap HPI spend every day analysing live market data to deliver the most accurate vehicle valuations to the market and we think there’s real value in crunching the numbers to run an annual awards event.

“It will be great to get it off the ground with the reveal of the 2022 winners later this week.”