The average value of a used car was up 3.7%
month-on-month and 4.3% year-on-year to £6,244 in February,
according to British Car Auctions (BCA), despite a drop in sales
volume of 6%.
Although the February average was the
third-highest posted by BCA, it doesn’t pass
the record set in December 2011 of £6,541.
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BCA attributed the dip in January to a decline
in average values in the fleet and lease sector as sold volumes
went up 70% compared to December’s shortened trading period.
Similarly, the February recovery may be down
to the 3.75% month-on-month rise (2.1%, year-on-year) in fleet and
lease vehicle values, reaching £7,714 on average, a 13-month
high.
Although nearly-new values rose 11.11%
month-on-month, 1.76% year-on-year, part-exchange values have
dropped since January by an average £73 per vehicle to £2,847,
despite remaining at an average age of 90 months with an average of
75,000 miles on the clock.
Tony Gannon, communications director at BCA
also pointed out the used market was expecting a period of rising
volumes in part-exchange and ex-fleet vehicles following the March
new registration period, but reminded traders to “make sure stock
is sensibly valued in line with market expectations”.
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By GlobalDataFull data for the used car market in February will be
published in
March’s issue of
Motor Finance
magazine.
richard.brown@vrlfinancialnews.com
