The average value of a used car sold at British Car Auctions (BCA) fell to £7,814 in February, a 1.7% (£141) fall compared to January 2015, according to a BCA Pulse report.
Despite the monthly fall, the average used car value was up by £484 (6.6%) compared to February 2014.
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Year-on-year the average age fell from 62.15 months to 61.15 months, while mileage fell from 59,994 miles to 52,234 miles. CAP was up slightly over the year to reach 99.08%.
Simon Henstock, BCA’s UK operations director, said: "Levels of trade were steady during February, with plenty of interest in retail ready cars, but buyers were rather more wary of poorer condition vehicles.
"With a greater volume of stock expected to reach the marketplace in 2015, buyers have a lot more choice and vehicles requiring repair and refurbishment need to be sensibly valued to compete. For cars with cosmetic damage, SMART repairs are a cost effective option for sellers, meaning their vehicles can be quickly processed and presented in the best possible condition."
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By GlobalDataThe average fleet and lease car value rose by £195 (2%) compared to January, reaching £9,673. Year-on-year the values were up by £482 (5.2%). Average age was broadly static compared to February 2014, while average mileage increased from 46,094 to 47,528. CAP Clean performance was slightly lower at 42.26%.
The average dealer part-exchange value fell for the third month running, averaging £4,041. This represented a fall of £34 (0.8%) compared to January.
Year-on-year values were ahead by £244 (6.4%), despite the rise in average age from 88.98 months to 90.48 months. CAP Clean performance was ahead by nearly a point compared to a year ago at 98.41%, while average mileage fell to 72,055 from 73,442 recorded in February 2014.
Nearly-new values fell £949 continued to fall from the record levels seen in December to £20,454. CAP Clean performance fell slightly to 100.03%.
