The mileage of an average used car aged between 2.5 to 3.5 years old dropped from 39,583 miles in 2008 to 31,199 in 2018 – a 21% decline, according to Cap HPI.
Older cars aged from 4.5 to 5.5 years old fell from 62,504 in 2008 to 55,824 in 2018, a fall of 10.6%.
Derren Martin, head of UK valuations at Cap HPI, said: “There will be a number of factors driving this trend. The rise of buyers using personal contract purchase and personal contract hire to finance their car will constrict motorists who seek to balance mileage with affordability.
“Equally, as Britain’s roads have become more congested it has an impact on the distances and regularity that people drive.”
The company has also reported that used car performed strongly in 2018 as many in the motor trade dubbed it the ‘year of the used car’. The data shows that in some sectors values increased.
Average values for all used cars at one year old increased by 1% through 2018, equating to just over £100. The figure is derived by comparing all generations of cars that existed at the one-year-old age point at both the start and end of the year, so excluding any newer models entering the market that may skew the figures. As cars traditionally depreciate as they age within their lifecycle, this increase was an unusual phenomenon.
The most significant increase was in the MPV sector where values increased by an average of 5% or around £750 throughout 2018.
Some electric cars increased in value over the course of the year, in particular, the Nissan e-NV200, Renault Zoe, Citroen C-Zero and Peugeot iOn all went up by around 25%.
Martin concluded: “The average used car is a good proposition for the motorist. It has a lower than mileage than an equivalent model 10 years ago and feature lower emission engines.”
Cap HPI provides decision support data and software solutions spanning vehicle valuation, validation, collision, mechanical repair, and total cost of ownership.