Observations Tim Naylor, BCA
The headline average monthly used car value in May recovered sharply from the fall recorded in April, rising by more than 8% to above £7,000, with year-on-year values up by over 15%. However, demand from professional buyers remains patchy with interest polarising around the best retail-ready examples in the used car market.
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Across the board used cars averaged £7,045 last month, up by £543 compared to April and significantly ahead of May 2012 by £947 (15.5%); the first month-on-month increase recorded since December last year.
Fleet and lease values improved to the second-highest average on record, while dealer part exchange values climbed again to a record level, a year-on-year uplift in excess of 30%. Nearly new values improved largely thanks to a change in model mix.
Sales conversions have been under pressure as buyers have greater choice from a rising inventory than they did earlier in the year. Concerns remain over the quality of the stock reaching the marketplace, polarising buyer interest around the best retail-ready cars. For these best examples, values continue routinely to outstrip price guide expectations and this is helping to keep average values high across the board.
Fleet and lease cars averaged £8,804 in May, a rise of £212 (2.4%) compared to April. Part exchange values improved by £123 (3.4%) to reach a record average of £3,718. Nearly new average values rose in May to £19,919 from £19,663 in April.
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