Demand remained strong throughout 2016 to drive record used volumes according to automotive data experts, cap hpi. The market is set to exceed 7.7m vehicles in 2016, beating last year’s figure of 7.2m and the previous 2004 record of 7,731,609 vehicles.
The announcement follows good news for the new car market, which according to the SMMT, hit a record high for September with 469,696 units registered, a 1.6% year on year rise.
Commenting on the findings, James Dower, senior editor Black Book at cap hpi, said: “Strong demand has characterised the 2016 market. It has led to stable used values and supported strong results for the industry’s retailers.
“It looks like 2016 will beat a strong 2015 and the previous record of 2004. While 2017 isn’t without its challenges, motor retail is in great shape heading into the new year.”
The company reported strong used values in December with an average decline of 1.6% at three years 60,000 miles in December, a figure that compares to the same point last year, where prices moved downward by 1.8%.
Electric vehicles saw greater stability with an average reduction of only 0.6%. Nissan Leaf is the standout performer with values increasing by 2.7% at one year 10,000 miles and 1.9% at three years 60,000 miles.
The right Hybrid models continue to prove attractive offering low emission levels alongside everyday practicality. Hybrid saw a strong sales performance and values increased by 2.7% at three years 60,000 miles, Prius (09-16) saw values improved by 2.1% at three years 60,000.
