The market remains relatively stable as we hit the halfway stage of what looks set to be the biggest registration month on record. On average, little movement has taken place with the 3 years 60,000 miles mark only sliding back by 0.1%. Since 2013, the average movement moving from March into April has been a positive of 0.2% so the market is performing a little weaker than we have normally seen but this is very much reflective of the increased stock levels both at auction and on dealer forecourts. Reports are that used retail remains, in the main, positive and buyers are looking to replace stock. They are, however, keeping one eye open on the part exchanges that are being generated and exercising a level of caution both with what they buy and the price that they pay.
Of significant note is the upturn in convertible and coupe cabriolet prices as buyers begin to stock up for the warmer months of the year. True convertible models have seen an increase of 1.3% at the 3 years 60,000 miles mark with coupe cabriolet’s showing a positive movement so far of 0.7%. This trend is likely to continue as spring and summer draw nearer.
City car and supermini continue to be in demand and have seen increases so far of 0.3% and 0.2% at 3 year 60,000 miles.
The expectation is that stock levels will grow as we head through the rest of March as part exchanges land and tactical registration activity increases in order to counter some of the effects of the Vehicle Excise Duty increases due on 1st April 2017.
Interesting times will be ahead and black book live will continue to keep subscribers informed of value movements on a daily basis.
James joined cap hpi in May 2016 and is responsible for the production of black book valuations, managing the team of 7 editors. With over 27 years’ experience within the motor industry he has worked within motor retail - from volume brands to high end prestige, motor finance and most recently as Sales and Marketing Manager for a vehicle remarketing company. James keeps a close eye on current market conditions and reports on valuation performance alongside key industry issues through his editorials and press releases.