Observations Tim Naylor, British Car Auctions
– Across the board used cars averaged £6,481 in October, an increase of £166 (2.6%) over September’s figure. The year-on-year figures show a more substantial £518 rise (8.6%) over 2011, with cars being on average older and higher mileage.
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– The October average figure of £6,481 is the highest since reporting began in 2005. The increase is largely the result of the continuing shortage of good, retail quality stock that is creating a very competitive trading environment. This year, average values have risen by nearly £900 across the board since the April low point of £5,599.
– While the headline values continue to move upwards, vendors did experience some pressure in the used car market in October. Sale conversion rates faltered during the month as volumes rose compared to September and buyer demand remained firmly focused on the best quality Condition 1 and 2 vehicles. Those retail quality cars are making often exceptional prices, but cars in poorer condition need to be sensibly valued if they are to attract buyers.
– Average values in the nearly-new (under one-year-old) sector improved by 9.4%, month-on-month, to reach £21,601. Average performance against CAP Clean fell slightly to 100.6%. Nearly-new values will always be affected by changing model mix in this low-volume sector. Looking at the body shapes, every type recorded a month-on-month increase – with the exception of the out-of-season convertible sector, where values were effectively static in October
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