The used car market recovered strongly from
April’s downturn, with average values improving by almost 9% across
the board in May, according to British Car Auctions (BCA).
Fleet values reached a new high, averaging nearly £8,000 as BCA
sold a slightly richer mix of cars during the month.
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Month-on-month values improved in all three main market sectors
in a complete reverse of last month’s figures. Fleet and lease
car values increased by 3.8% month-on-month to £7,934 – the highest
average monthly value recorded since BCA began reporting in
2005. Part exchange values rose by £35 to £2,847, up 1.2%,
while nearly new values increased by over £2,500 to £20,470 – due
to changing model mix in a low-volume sector, as well as BCA’s
special sales.
Across the board, values improved from £5,599 to £6,098,
reversing two months of declines and returning to an average value
broadly similar to those available between November 2011 and
February of this year.
Used cars averaged 95.4% of CAP Clean in May, up by nearly a
point compared to April, while average age and mileage dropped
slightly over the month, down to 62.5 months and 59,600
miles.
Year-on-year, May 2012 was 5.3% ahead of 2011, while average age
and mileage have climbed by 0.6% and 1.7% respectively in the same
period. However BCA’s values contrast with Manheim Remarketing data
published yesterday by motorfinaceonline, which reported that
dealer part exchange and
fleet values fell year-on-year in May.
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By GlobalDataBCA’ communications director Tony Gannon said: “While May posted
significantly improved figures compared to April, the market is now
moving into a period over the summer months where we expect values
to remain relatively flat.
“Families are now thinking about paying for their summer
holidays, and while the Diamond Jubilee is now behind us, we still
have the distractions of the London Olympics and Euro 2012 to
come. History tells us these types of events have short-term
effects on the retail sector and therefore impact on demand in the
wholesale car market.”
Year-on-year – All cars
|
All cars |
Ave. |
Ave. |
Ave. |
Sale vs CAP |
|
May 2011 |
60.22 |
58,732 |
£5,790 |
94.58% |
|
May 2012 |
62.58 (+0.6%) |
59,640 (+1.7%) |
£6,098 (+5.3%) |
95.47% ↑ |
Year-on-year – Fleet and lease
|
Fleet/lease |
Ave. |
Ave. |
Ave. value |
Sale vs CAP |
|
May 2011 |
40.59 |
49,652 |
£7,349 |
94.27% |
|
May 2012 |
40.95 (+0.8%) |
49,384 (-0.5%) |
£7,934 (+7.9%) |
95.73% ↑ |
Performance against original MRP (Manufacturers Retail Price)
was level month-on-month at 39.6%.
Year-on-year table – Part exchange
|
Part exchange |
Ave. |
Ave. |
Ave. value |
Sale vs CAP |
|
May 2011 |
88.41 |
74,121 |
£2,746 |
91.23% |
|
May 2012 |
88.93 (+0.6%) |
74,778 (+0.8%) |
£2,847 (+3.6%) |
90.43%↓ |
Values compared to CAP Clean improved by 1.2 points to 90.43%,
while average age remained static and average mileage increased
slightly. Year-on-year, values were ahead by 3.6%, despite
both age and mileage increasing over the period.
Nearly new
|
Nearly |
Ave. |
Ave. |
Ave. |
Sale vs CAP |
|
May 12 |
8.30 |
8,441 |
£20,470 |
102.13% ↑ |
Average performance against CAP Clean improved by almost two
points to 102.13%.
