Monthly Market Update: Used-car residual value pitfall continues
01 December 2025
Amid varying scenarios across Europe’s major used-car markets, one trend remains consistent: falling residual values (RVs). But how notable was November’s performance compared to recent months? Tom Hooker, Autovista24 journalist, unpacks the data.
RVs as a percentage of retained new-car list price (%RV) after 36 months and 60,000km continued to decline across Europe. Observed used-car markets included Austria, France, Germany, Italy, Spain, Switzerland, and the UK.
These seven countries have suffered year-on-year %RV drops in every single month so far in 2025. This excludes France from January to April. Yet, November’s performance still stood out, for all the wrong reasons.
It marked just the third time this year that all seven markets also posted a month-on-month %RV decline. This unwanted feat was also recorded in April and October.
Used-car values saw the steepest year-on-year fall in Italy, dropping 4.6 percentage points (pp) to 44.8%. The country also posted the biggest month-on-month %RV decline of 1.3pp.
This was followed by Switzerland, which saw a year-on-year fall of 4.4pp to 42.4%. Conversely, used-car values in Austria held up the best compared to November 2024. %RVs fell by 0.5pp year-on-year to 47.2%.
Germany saw a slightly poorer performance relative to 12 months prior, suffering a 1.8pp %RV decline to 48.2%. However, this equated to just a 0.1pp fall from October, the lowest month-on-month decline of all used-car markets observed.
Lower used-car activity in Austria
‘Austria’s sales-volume index (SVI) for two-to-four-year-old passenger cars rose by 2.7% in November compared to October. However, year on year, the SVI declined by 6.4%, reflecting lower market activity and headwinds,’ stated Robert Madas, Autovista Group’s regional head of valuations.
The active-market volume index (AMVI) also increased month on month by 1.9%. Compared to November 2024, the supply was up by 1.2%. This indicates a slight recovery in supply within this age bracket.
The average time needed to sell a used car in November was 65 days, up marginally by 0.4 days compared to October. Year on year, this metric improved significantly by 4.4 days, suggesting an acceleration in turnover.
Diesel-powered used cars were the fastest-selling of any powertrain, taking an average of 59.5 days to sell. This was closely followed by petrol-powered models at 62 days. Then came plug-in hybrids (PHEVs) at 70.9 days and full hybrids (HEVs) at 71.9 days.
Battery-electric vehicles (BEVs) showed significantly improved turnover speed but continued to take the longest time to sell at 80.6 days.
Mixed residual value result
%RVs declined to 47.2% in Austria during November. This marked a 0.3pp drop from October and a 0.5pp year-on-year decrease. In absolute terms, RVs rose slightly month on month and year on year. Compared to October, this translated to a 0.2% rise and a 7.1% increase set against November 2024.
HEVs retained the highest trade %RV at 49.8%, followed by petrol cars at 49.2%. Then came diesel models with 48% and PHEVs with 45.1%. BEVs held the lowest %RV once again, at 37.6%. However, this was an improvement of 0.9pp month on month.
‘Looking ahead, %RVs are expected to remain stable until the end of the year. Forecasts suggest the same level by the end of 2025 compared to December 2024. A 0.7% decline is then expected in 2026, followed by a 0.6% decrease in 2027,’ noted Madas.
Used-car values fall in France
%RVs fell slightly in France during November. Both petrol and diesel-powered cars, as well as PHEVs, recorded marginal decreases. For the former two internal-combustion engine (ICE) powertrains, this does not signify a recurring trend.
‘Values of petrol and diesel-powered cars have not been heavily impacted by the overall market’s slumping %RV trend, which began at the start of 2023. Meanwhile, November’s PHEV result marked a continuation of its decline,’ explained Ludovic Percier, Autovista Group’s senior RV analyst for France.
The decrease in petrol and diesel %RVs was limited. This was because drivers are waiting to replace their current car. Furthermore, fewer new ICE-powered cars are entering the used-car market.
‘Petrol and diesel-powered used cars followed the month’s general trend. Even though strong demand remains for both fuel types in France, potential buyers have less money to spend on these vehicles due to a weakened global economy. Combined with this, their prices are still too high on the used-car market,’ he highlighted.
As many used-car buyers still do not accept the higher prices of PHEVs, the powertrain remained in a %RV decline. However, models with a range above 60km are less impacted by the downward pressure on %RVs.
The average days to sell a PHEV fell slightly last month. Yet, a turnover average of 70 days is still too long for dealers, even with transaction prices continuing to decrease.
PHEV demand and supply remain unbalanced. In previous years, many vehicles were sold to fleets due to fiscal advantages. However, private used-car buyers have no interest in paying such a high transaction price for PHEVs. The powertrain endured a 3.3% fall in the SVI. Smaller and cheaper PHEVs were the easiest to sell.
Hybrid demand increases
HEVs suffered a marginal decrease in November. The technology was once again the fastest-selling powertrain on average. Moreover, it took around five days less to leave forecourts compared to the previous month.
‘Used HEV demand is increasing in France. However, carmakers cannot risk adding big price premiums to these models. This would jeopardise the powertrain’s RVs,’ said Percier.
Three of the five fastest-selling HEVs came from Toyota. The RAV4 took the shortest time to sell of any HEV, while the Yaris and the Corolla also saw quick turnaround speeds. The other top spots were filled by the Hyundai Tucson and the Kia Niro.
%RVs of all-electric models saw a slight increase month on month. The technology also witnessed a rise in list prices, compared to October and 12 months ago. This was due to more premium vehicles appearing in the data. For example, the Audi e-tron GT was the fifth-fastest-selling BEV in November.
Out of all powertrains, BEVs retained the lowest percentage of their original list price after 36 months and 60,000km. The technology recorded a %RV of 35.3%, down 2.1pp year on year.
‘BEVs are being pushed on the new-car market by incentives. However, the current purchase incentive scheme is set to expire at the end of this year. Instead, social leasing is taking the lead with new fiscal advantages for BEV company cars,’ he commented.
Yet, this once again creates an unbalanced demand between the new and used-car markets. In turn, this can impact RVs.
Germany’s increasing used-car demand
Following a modest increase in September and a stable trend in October, used-car demand in Germany strengthened in November. The SVI rose by 4.6% month on month, marking a notable improvement. Year on year, the SVI was stable, indicating that demand was at the same level compared to November 2024.
‘The AMVI climbed by 6.1% compared to October. The used-car market witnessed an even stronger 17.3% increase year on year. This suggests a significant recovery in supply within this age bracket,’ noted Madas.
The average number of days needed to sell a used car in November was 62.4 days. This was one day longer than October and 1.3 days slower than November 2024. The average turnover speed of BEVs slowed month on month. However, the technology was the fastest selling of any powertrain at 60 days.
Then came HEVs at 61.2 days. Diesel-powered cars followed closely at around 62.2 days, while PHEVs took 62.8 days to sell. Petrol-powered cars sold the slowest, at 63.3 days.
Petrol leads used-car market
%RVs declined slightly to 48.2% in November. This was down 0.1pp from October and 1.8pp year on year. In absolute terms, the trade RV fell to €21,438. The result marked a 0.8% month-on-month decrease, but a 2.1% increase compared to November 2024.
Petrol cars led the market with a %RV of 50%. Then came diesel cars at 49.3% and HEVs at 49.1%, followed by PHEVs at 44.1%. BEVs increased slightly but again retained the lowest level of value at 37%.
‘RVs have stabilised recently in Germany. However, the level remains significantly lower than in previous years, and demand is still subdued. Therefore, RVs can be expected to remain under pressure,’ he outlined.
By the end of 2025, %RVs are forecast to decrease by 2.7% compared with December 2024. Pressure will probably ease in 2026, with RVs forecasted to suffer a smaller decline of 1.4%. This is projected to further soften to a 0.7% drop in 2027.
Italy’s weakened outlook
During November, RVs declined more sharply than expected in Italy. Values dropped from 46.1% in October to 44.8%, causing a downward revision of the 2025 RV outlook.
‘A year-end decrease of 9.2% compared to 2024 is now projected. Given that this trend shows no signs of slowing, further declines are anticipated in 2026. However, this is expected to be at a more moderate pace,’ forecasted Marco Pasquetti, Autovista Group’s cluster head of forecasting for Spain and Italy.
‘Despite these figures, the used-car market should not be considered in a crisis when we look at volumes. Analysing adverts from major online used cars portals indicates that stock levels are only marginally lower than last year, with the AMVI falling by 4.6% year on year,’ he outlined.
Meanwhile, sales remained broadly stable, with a 0.7% uptick in the SVI compared to 12 months prior. This trend was confirmed by change of ownership data. Additionally, the average time to sell a vehicle has improved significantly, dropping by eight days compared to October.
Diesel-powered cars and liquified petroleum gas (LPG) models recorded steeper-than-expected month-on-month %RV declines, at 1.5pp and 1.9pp respectively. These fuel types had previously shown resilience against the overall declining trend in RVs, making this result noteworthy.
BEVs and PHEVs also saw substantial drops of 1.2pp and 2pp, respectively. However, this comes as less of a surprise given their overall performance throughout 2025. The two technologies have consistently lagged behind the market average. All-electric models trailed the market average by 17.9pp in November.
Spain’s new-car market aids supply
‘Spain’s new-car registration figures in October provided three important conclusions. Firstly, monthly deliveries exceeded pre-pandemic levels for the first time,’ commented Ana Azofra, Autovista Group’s head of valuations and insights, Spain. ‘Secondly, we are seeing a clear dominance of hybrid vehicles, which accounted for 43.2% of all registrations.’
‘Thirdly, Spain continues to make steady progress towards electrification. PHEVs and BEVs achieved a market share of 22.4% in October. This was to the detriment of internal combustion engines. For example, diesel vehicles accounted for only 5.6% of sales,’ she explained.
Meanwhile, Spain’s current electric vehicle (EV) incentive scheme, the MOVES III Plan, is being revised. The new scheme will be titled Auto Plan 2030. Further details of the plan will be announced in December, as reported by El Independiente.
The system looks to revitalise the industry, infrastructure and consumer demand. This could help maintain the current pace of growth in the market share of EVs.
Longer used-car selling times
This demand is also evident in the second-hand market where sales of BEVs and PHEVs have grown at a steady pace. This was aided by increased supply and more affordable transaction prices.
This was particularly evident for PHEVs. After 36 months and 60,000km, the technology saw trade residual values on the second-hand market fall by an average of around €400.
Average prices for other powertrains, including petrol and hybrid models, fell slightly. Meanwhile, absolute RVs for diesel-powered cars rose marginally. The fuel type still accounts for half of all used car sales.
‘However, it is important to monitor metrics that show some wear and tear, in what has been such a positive year,’ said Azofra.
For example, it took 12 more days to sell a 24-to-48-month-old used car in Spain compared to the previous month. The current average is 77.5 days, a figure that was comfortably improved upon by the month’s fastest-selling models. The Toyota Yaris Cross, the Kia Rio and the MG ZS all took around 47 days to leave forecourts on average.
Switzerland’s used-car market pressure
‘After a slight decline in October, used-car demand in Switzerland softened further in November. The SVI edged down by 0.6% month on month and was 2.1% lower year on year. These two results signal that pressure remains on the market,’ stated Madas.
‘The AMVI also slipped by 0.5% compared to October. Year on year, supply fell sharply by 7.8%. This confirmed a continued tight supply of used cars in this age bracket,’ he noted.
%RVs declined to 42.4% in November. This represented a 0.3pp drop from October and a 4.4pp decrease compared to November 2024. In absolute terms, the trade RV rose slightly to CHF 26,320. Compared to the previous month, this was a rise of 0.3% month on month but down 4.5% year on year.
HEVs retained the most value of any powertrain in November by far at 47%. Then came petrol-powered cars at 43.8%, diesel-powered models at 42.1% and PHEVs at 40%. BEVs continued to be the worst-performing powertrain, holding only 35.8% of their original list price.
BEVs improved turnover rates
The average number of days to sell a used car in November was 77.1 days, up 0.5 days compared to October. Year on year, this metric improved significantly by 6.6 days, indicating faster turnover.
Petrol models sold fastest at 73 days, followed by HEVs at 77.6 days and diesel cars at 79.5 days. BEVs improved significantly year on year, with an average turnaround time of 82.1 days. This meant they sold faster than PHEVs, which took 87.5 days to leave forecourts.
%RVs are forecast to decrease in the coming years, but at a slower pace. By the end of 2025, %RVs are expected to fall by 7.8% compared to December 2024. A further 1.7% decline is anticipated in 2026, with a 0.4% drop projected in 2027.
UK’s cautious used-car dealers
‘November’s used-car market showed steady activity with some notable shifts. At first glance, the average time to sell a 24-48-month-old used car rose to 37.1 days. This was an increase of 3.2 days compared to October, which might suggest a slowdown,’ outlined Jayson Whittington, Autovista Group’s regional head of valuations, UK.
‘However, the SVI tells a different story, showing sales activity actually strengthened, with 8.5% more cars leaving forecourts during the month. Conversely, the AMVI reported 4.7% fewer cars advertised for sale. This indicates dealers are not replenishing stock at the same pace they are selling.’
‘This could point to demand outstripping supply. However, it is more likely that dealers are exercising caution as the year-end approaches. They may be becoming more selective in their acquisition strategies during what is traditionally a quieter period,’ he commented.
Stock moving quickly
Despite the longer selling time in the UK, the country’s performance remains strong compared to other European markets. At 37.1 days, UK dealers sold cars 40 days quicker than in Spain or Switzerland.
Its turnaround rate was nearly 29 days faster than France, 28 days ahead of Austria, and over 25 days quicker than Germany. The UK’s average was also more than 23 days ahead of Italy, the closest market in comparison.
%RVs softened slightly in November, averaging 48.7% of the original cost new price. This equated to a decline of just 0.2pp from October and 2.4pp lower than November last year.
‘Overall, used-car market activity appears fairly busy for the time of year. Dealers seem to be selling well, while keeping a closer eye on what stock they buy as the year comes to an end,’ concluded Whittington.
