Used battery electric vehicles ‘top-performing fuel type’ in September

There was positive news for used battery electric vehicles (BEVs) in September, with values increasing for the first time in two years.

The latest figures for from Cap HPI shows that, after experiencing 24 consecutive months of declining values, resulting in a reduction of approximately 60%, BEVs emerged as the top-performing fuel type in September.
They recorded a positive average movement of 1% at the three-year mark.

Cap HPI says that almost half of the models valued at this age have seen their values increase this month, compared to just 11% last month.

Of the rest, 29% of models have seen no change at all, while 19% have experienced a reduction in value.

However, despite the average improvement in values, the BEV market remains nuanced, said Cap HPI.

The overall market saw a strong trade and retail performance, with average used car values at three years 60,000 miles increasing by 0.2% in September.

The performance of used values in September contrasts with an average seasonal movement of -0.2% (excluding Covid years) for the month.

A small positive adjustment continues the stable trend observed throughout the year.

So far, every month in 2024 has seen a more positive monthly movement at 3-year 60,000 miles than the seasonal average. This highlights the stability of the used market in 2024, particularly throughout the summer period.

Chris Plumb, senior valuations editor at Cap HPI, said: “The decrease in prices during the last quarter of 2023 helped alleviate some of the excessive inflation during the price increases of 2021.

“However, prices did not completely return to their previous levels, remaining some 15% above where they were at the start of 2021.

“It appears that used car prices reached a reasonable point for both retailers and consumers at the beginning of 2024, leading to a period of overall stability since then.”

He added: “It is important to note that there are certain nuances within this trend, and in cases where supply exceeds demand for specific models and fuel types, values have certainly declined. Nevertheless, on average, used car prices in 2024 have remained stable.”

Values increased by 0.1% at the one-year 10,000-mile mark. Additionally, there was a positive adjustment of 0.2% at the 5-year 80,000-mile mark.

The only age profile to report a negative adjustment was at 10 years 100,000 miles, with a negligible movement of 0.4%. However, this is still a marked improvement at this age profile over previous months.

The Supercar sector experienced the largest decrease in September, with a reduction of 2%. This was followed by a decline of 1.8% in the Coupe Cabriolet sector, and a decrease of 1.4% in the Convertible sector.

However, it is worth noting that these downward movements are relatively positive when considering the seasonal nature of these sectors during this time of year when one may expect them to reduce by more.

SUVs were the strongest-performing sector, registering an average movement of 0.6% at three years old. Medium-sized SUVs experienced the largest increase of 0.8%, followed by small SUVs with 0.6% and large SUVs with a smaller increase of 0.1%.

Notable risers include the Renault Captur, which increased by 2%, the Seat Arona by 1%, the Mini Countryman by 2%, and the Mazda CX-5, which increased by 2% on average.

A notable trend is the resurgence of strength in some Land Rover products. At three years and 60,000 miles, Land Rover models saw an increase of 1.3%, or approximately £290, in September. This comes after a challenging 12-month period for the brand, during which values, on average, decreased by around 17%, or approximately £6,600.

Plumb said: “While it may be a little premature to say that the fortunes of some used BEVs have completely changed, it is encouraging to see that they are heading in the right direction, especially for those models that fall below the optimum retail sweet spot of under £18,000.

“Some examples of BEV models that have seen value increases include the BMW I3 with a 5% increase, the Peugeot 208 with 4.5%, the Kia E-Niro with 4% and the Nissan Leaf also with 4%.

“For several months now, we have been highlighting the excellent value-for-money that used BEVs offer to both consumers and retailers.

“Interestingly, the best-performing sector of electric cars in September was the lower medium or C Sector, which saw values increase by over 2%.”

Dealers stock up on used EVs at Aston Barclay

Dealers are increasing their used EV stock as some cars become cheaper than their equivalent used ICE models according to Aston Barclay.

The latest September used EV desirability index saw sales of lower value used EVs at between £8,000-15,000 increase at auction, as dealers responded to the growing demand from consumers based on affordability.

Aston Barclay saw the demand for used EVs increase during August and into September at auction as consumer demand continues to rise as they appreciate that many zero emission cars now represent very good value.

Greater demand has also driven improved conversion rates at Aston Barclay’s weekly Donington used EV sale.

In some cases, used EV prices have risen slightly on the back of the increased demand, which spells positive news as more stock will filter into the market on the back of the September plate change in the coming weeks, it says.

Eight out of the top 15 places in Aston Barclay’s September desirability list were taken up by two cars each from MG, Tesla, Kia and BMW with the respective MG4 and 5, Model 3 and Model Y, EV6 and eNiro and the iX1 and i3.

However, only the BMW iX1 in first place, the Porsche Taycan in second place and the Mercedes EQC in 15th place represented used cars of more than £30,000, with the rest at the value end of the market.

Nick Thompson, Aston Barclay’s chief customer officer, said: “The last five or six weeks have seen an improvement in used EV sales and we hope this continues over the coming weeks and months.

“Many prices have stabilised as dealers begin to understand just how good value used EVs are. Some EVs are now cheaper than equivalent ICE cars which is bringing consumers into the dealership and building enquiry levels.”

He added: “The sector isn’t out of the woods yet but small improvements in all key dynamics of supply and demand are visible as we move into Q4.”

Used car values buck seasonal trends, says BCA

Used car activity bucked the traditional seasonal pressures in August as BCA’s online programme saw sold volumes continue to rise and values maintain the strong price performance seen across 2024 to date.

Values averaged £7,511 at BCA in August, on a par with the average of £7,520 recorded across the calendar year to date with sold volumes and sale conversions rising, driven by active buyer numbers registering a new highpoint in August.

Anecdotal feedback from BCA’s buyer customers suggests that used retail remains generally positive and stocking levels remain conservative at best.

With the stable pricing patterns seen across most sectors in 2024, BCA reports that confidence is accelerating in the used car sector with professional buyers and sellers reasonably in sync on most pricing expectations, with stock churn improving steadily throughout the year.

Stuart Pearson, BCA’s chief operating officer, said: “Despite the summer months traditionally being one of the quieter periods of the year for the remarketing sector, we saw particularly strong buyer engagement, improved sale conversions and rising sold volumes in August.”

He added “With retail stock levels looking particularly conservative, there is little to suggest that the currently very positive used market that we’re experiencing won’t continue deep into October, and even perhaps beyond.” 

SVA achieves 100% conversion rate at beach-themed Zenith auction

Shoreham Vehicle Auctions (SVA) celebrated its first ever centre for a day sale for Zenith Vehicles with a 100% conversion rate whilst raising money for the Candlelighters children’s cancer charity.

The Sale by the Sea in late August turned the inside of the Shoreham auction rostrum into a 1920s-themed Punch and Judy stall, complete with an ice cream van, caricaturist and a large sandy beach.

All 170 Zenith vehicles sold, which included a selection of high value, high spec used EVs.

Some 50 physical buyers were there on the day while 140 online buyers bought 60% of the stock.

A total of 64 higher value EVs went under the hammer, and all sold at the first time of asking.

Zenith, SVA and its buyers also helped raise £5,652 on the day for the brilliant Leeds-based Candlelighters children’s charity.

Candlelighters provide a lifetime of support to the 150 families in Yorkshire affected by childhood cancer each year.

The money raised with allow Candlelighters to continue providing much needed practical, emotional and financial support to those families who have had their live turned upside down by childhood cancer.

Stephen Barlow, head of remarketing at Zenith, said: “The 100% conversion rate of ex-lease and salary sacrifice vehicles highlights the growing retail demand for EVs and the need for stability in the used market. This success, the unique seaside theme, and the money raised for Candlelighters, which is a charity close to our hearts, was enjoyed by everyone involved.’’

SVA’s MD Alex Wright added: “Our auction is only quarter of a mile from the seafront so the sound of seagulls and the waves crashing into the beach added a real seaside soundtrack to the themed sale. Zenith offered a range of high quality and high spec vehicles on the day and buyers responded by snapping up each one of them.

“It’s pleasing to see used EVs continuing to find favour with dealers in response to retail demand rising, particularly for the larger higher value models which have previously been slower to sell.

“This coincides with the September plate change where we are likely to see more used EVs reaching the second-hand market.”