Average fleet and lease residual values fell to £6,714 in November,
British Car Auctions
(BCA) reported, down £293 on the previous month and £631 behind
September’s figure. This is the lowest average value recorded by
BCA since December 2006 – an 11-month low.
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Average CAP Clean performance also suffered, falling to 94.2
per cent – its lowest figure since January 2006, BCA said.
Communications director at BCA, Tony Gannon commented: “These
latest figures will surprise no-one who has been selling used cars
in the wholesale market over the past few weeks. The market has got
significantly harder and while values soared to new record levels
in September we warned then about an underlying softness in
demand.
“Fleet values stalled in October as increasing volumes hit
the market from fleet operators and leasing companies. There were
growing signs of a two-tier market as well-specified,
retail-quality cars found a ready audience of buyers, but average
stock in average condition was more difficult to sell, and needed
to be competitively priced. November delivered more of the same,
and has simply underlined that weaker market.”
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