UK used car market defies seasonal trends despite economic concerns

The UK’s used car market continued to exceed seasonal expectations in November, despite challenges posed by economic uncertainty and vehicle finance availability, according to data from valuation experts at cap hpi .

Average values for three-year-old vehicles with 60,000 miles dropped by 1.6%, or around £280, compared to the historical average decline of 2.1% for this time of year since the introduction of Cap Live in 2012. November's performance maintained a consistent trend in 2024, with every month outperforming seasonal norms.

Chris Plumb, head of current car valuation at cap hpi, said: "November presented a complex backdrop for the used car sector, with several factors, such as the half-term holidays, the Autumn Budget, and a significant court ruling on undisclosed commission payments, contributing to market uncertainty. Despite initial concerns, the immediate impact of the Autumn Budget delivered on 30 October has been limited."

Vehicle value trends

In November, used car values fell across various age categories:

Sector highlights

Among three-year-old cars, convertibles and coupe cabriolets experienced the steepest declines, with reductions of 3.5% (£740) and 4% (£640), respectively. City cars also dropped significantly, down 1.9% (£150).

In contrast, the Large Executive segment fared best, with an average value decrease of just 0.3% (£130). Within this category, the BMW 7 Series (petrol and hybrid) defied the trend, posting a 2% increase and gaining £600–£680 in value.

SUVs continue to dominate the market, representing one-third of all sales data and 60% of sales for vehicles up to three years old. Average SUV values declined by 1.7% (£300), with Large SUVs showing the smallest drop (-0.6% or £190), while Small and Medium SUVs saw larger declines of 2.1% (£255) and 1.9% (£350), respectively.

Fuel type analysis

Petrol and diesel vehicles saw the largest three-year declines (-1.7%, or £300), while Hybrid Electric Vehicles (HEVs) outperformed other fuel types, with average adjustments of -0.7% (£100). Battery Electric Vehicles (BEVs), which had led the market in recent months, fell to the second-best-performing category in November, with an average decline of -0.9% (£180).

BEV sales have continued to surge, with year-to-date volumes rising 175% compared to 2023 and 370% compared to 2022. October set a record for used BEV sales, with volumes surpassing the previous peak in July. For vehicles up to three years old, BEVs now represent 14% of sold data, second only to petrol cars at 60%.