Wholesale used car
values hold up despite toughest retail period of the
year.
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Manheim Remarketing reports
that overall average wholesale used car values increased in
November for the first time in three years. The increase of 0.6% to
£6,852 followed a rise of 1.1% in October.
Average fleet values
increased for the second month in a row by 1.7% to £6,136, with
dealer part exchange prices rising by 2% to £2,275. Meanwhile,
manufacturer stock fell by 0.8% to £12,090.
When compared with November
2009, values are 4.4% lower, average age is three months older at
51 months, and mileage is up 4,102 to 53,503 miles.
Examples of increases in
values for fleet include medium family vehicles, up 2.4% to £5,424,
large family up 4.7% to £4,853, executives up 1.2% to £9,742, MPVs
up 6.9% to £6,724, and 4x4s up 3.1% to £12,807.
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By GlobalDataDealer part exchange prices
for small hatchbacks increased by 2.4% to £1,854, compact
executives were up 6.2% to £3,461, and executives up 4.1% to
£3,545.
Mike Pilkington, managing
director of Manheim Remarketing said: “Although the wholesale
market has held up well compared with seasonal expectations in the
last couple of months, we are entering the toughest retail period
of the year for used cars.
“As demand tails off, it is
vital vendors set realistic reserves as buyers become more
selective, with low mileage and well specified vehicles attracting
greatest interest. The inclement weather may result in a flurry of
activity whenever a 4×4 appears in the auction lane, and values may
strengthen as a result.”
