The used car market remained stable in March although values for battery electric vehicles (BEVs) saw a further fall, Cap HPI has reported.

BEVs further declinined by 2.3%

Average values at three years/60,000 miles fell 0.1%, or equivalent to a c.£70 reduction. The decline came after values recorded their first growth in nearly a year during February – but marked the third strongest March into April monthly movement since 2019.

One-year-old vehicles also decreased by a minimal 0.1%, with the five-year and 10-year age points also decreasing in value by 0.7% and 1.8%, respectively.

Jeremy Yea, senior valuations editor at Cap HPI

The data also showed mixed performances by the different fuel types. Hybrid and petrol increased by 0.5% and 0.2% respectively. In contrast, diesel decreased by 0.3%, plug-in hybrid was down 0.7% with BEVs further declining by 2.3% or equivalent to £525.

BEVs that have seen values reduce at three years in March are the Citroën C4 (-6%/£600), Hyundai Ioniq (-4.9%/£500), Nissan Leaf (-5.9%/£600) and VW ID.3 (-6.1%/£880).

However, the BMW iX (2%/£600) and the Mercedes EQA (1%/£200) increased values. Of all the BEVs valued at three years, 75% saw values reduce, 20% remained level, and just 5% saw values increase.

Jeremy Yea, senior valuations editor at Cap HPI, said: “The availability of electric vehicles in the used wholesale market continues to expand, offering buyers a greater selection than ever before. In terms of sold data, we have already received nearly 40% of last year’s total sold volume in the first three months of the year. However, BEVs still only make up around 4% of all the sold data we have received this year, across all vehicles of all ages and mileages, although that does increase to c.12% for cars up to three years old.

“As the electric vehicle market continues to mature, there could be some further adjustments to come as a number of manufacturers compete on price and try to hit ZEV mandate targets. A continuation of strong new car offers and registration activity is likely to remain and, therefore, may further impact values.”