New company car tax rates will cost the Government £100m in lost revenue over the next two years, while drivers will face higher costs from new CO2 rating.
Used car values have fallen by 2.2% this month as retail and trade demand is affected by the Coronavirus crisis, according to Cap HPI.
Derren Martin, head of valuations UK at Cap HPI
Cap HPI says it will be ready for the introduction motoring taxes based on the emissions test in April 2020.
The cost of electric vehicle (EV) base models has risen by 18% since 2013, according to research from Cap HPI.
Leasing companies, which typically receive the CO2 data from third-party providers, are estimating emissions or trying to bring forward deliveries.
By John Clay, head of vehicle identification at Cap HPI
The used market saw overall values rise 0.6% in January compared to an average decline for the last eight years of 0.4%, according to data experts at Cap HPI.
A challenging used car market in 2019 has had a significant negative impact on the optimism of leasing companies for RVs in 2020, the FN50 survey suggests.
The used car market outperformed expectations in December, with values remaining the strongest since 2012.
Used car values in November dropped 0.6% at the three-year, 60,000-mile point compared to the five year average of -2.3%, according to Cap HPI.
Residual values for used electric vehicles (EVs) are progressing at different rates with prices for cheaper models strengthening in the last 24 months.
Cap HPI's Live valuations have reported a positive average movement in used car values for the first time in 18 months.
Used car values are becoming more volatile as the market becomes more complex, Cap HPI has warned.
Automotive data expert Cap HPI is reporting that used car values fell by 1% in August, the smallest fall since March.
Data experts don’t expect trend to continue after RVs fall steeply over recent months.
Pricing experts at Cap HPI say that average used car values for 3years/60,000 miles models fell by 2% in June.
Lifestyle 4x4 vehicles are an increasingly popular tax efficient choice for company car drivers, claims Cap HPI.
On average, used values fell by 3.1% in May at the three-year, 60,000-mile point, following a 2.3% drop during April, says Cap HPI.
The used car market is undergoing a market correction, and the pace of change has accelerated in May, according to experts at Cap HPI.
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