The UK car retail sector’s best-performing used cars are set to be celebrated when AM reveals the Cap HPI Car of the Year Awards winners later this week.
Car manufacturers, retailers, fleet operators and remarketing businesses will be among those keeping a keen eye out for the results of the awards, which are determined solely by data, with residual value performance linked to new car registration volumes to ensure they reward market segment winners that “truly performed the best” over the course of 2022.
AM will reveal the winners of the Cap HPI Car of the Year Awards this Friday (April 21).
“We’re really excited about revealing the winners of the first Cap HPI Car of the Year Awards,” said Cap HPI director of valuations Derren Martin.
“This is a properly data-driven awards, so it will reveal that vehicles that truly performed the best for so many people who have a stake in the sector.”
Run in partnership with AM and its sister title Fleet News, the inaugural awards were determined by combined year over year deflation data at both one and three years old with a new car registration metric.
The awards launch comes in a year that saw used car values stabilise after a record 29% rise in 2021.
In 2022 Cap HPI’s data showed that the average used car declined by just 3.1% in value at its benchmark three years, 60,000-mile benchmark.
The period ended with a widely publicised decline in used electric vehicle (EV) values, as production volumes began to recover, and consumer demand softened as a result of rising energy bills.
Martin said: “The team at Cap HPI spend every day analysing live market data to deliver the most accurate vehicle valuations to the market and we think there’s real value in crunching the numbers to run an annual awards event.
“It will be great to get it off the ground with the reveal of the 2022 winners later this week.”