AutoEngage - Introducing ReviewEngage


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Used Car Prices Experience Notable Shift in October

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In recent motor trade news, October witnessed a significant 4.2% drop in used car prices. This is the most substantial decline since 2011, making it the most considerable fall ever recorded for the month by valuation specialists Cap HPI. Interestingly, such monthly declines exceeding 3% have only been reported three times previously. Derren Martin, the esteemed director of valuations at Cap HPI, conveyed this insight in an exclusive interview with Car Dealer. The downturn means an average setback of around £850 per used car. Contrasting this with the previous year's figures, October 2022 saw just a marginal dip of 0.5% in used car prices. While many in the trade may be alarmed at the sudden drop, Martin prefers to view it as a 'significant realignment' rather than a dire 'crash'. He shed further light on the matter, commenting on a notable observation: there's an abundance of cars available now, but a waning demand. "There’s more cars out there and the...
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