Plan Insurance Blog

May 2024 Used Car Market Growth: Demand Drives Positive Trends

The used car market is experiencing a remarkable upswing, with demand driving growth across various vehicle types. Recent reports reveal a promising trend for used car values in May 2024, showcasing the market’s resilience and potential.

Substantial Demand Fuels Value Increase

Cap HPI’s recent insights indicate a robust demand for ex-fleet used cars, leading to a significant improvement in their values. Petrol cars saw an impressive value increase of 0.4%, or £135, reflecting strong buyer interest and market confidence. Diesel cars also experienced a positive trend with a value increase of 1.1%, or around £210, highlighting their continued appeal.

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Electric Vehicles Show Signs of Recovery

While electric vehicles (EVs) have faced challenges in the past, May 2024 brought a glimmer of hope. Battery electric vehicles (BEVs) showed a reduced rate of value decline, with a 3.6% drop compared to previous months. This indicates a potential stabilisation, suggesting that the market for BEVs is starting to recover.

Hybrid Vehicles Gain Popularity

Hybrid vehicles, both plug-in hybrids (PHEVs) and pure hybrids, demonstrated encouraging growth. PHEVs saw a modest increase of 1.1%, or £285, while pure hybrids rose by 1.0%, or £200. This positive trend underscores the growing preference for hybrid technology among consumers seeking fuel efficiency and sustainability.

Positive Trajectory

The used car market in May 2024 showcased a positive trajectory driven by strong demand and growing interest in various vehicle types. Petrol and diesel cars experienced value increases, while electric and hybrid vehicles showed promising signs of recovery and growth. This upward trend reflects the market’s resilience and potential for continued prosperity.

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