The average value of a used car sold at British Car Auctions (BCA) stood at £7,803 in May, a 2.7% (£206) rise compared to the same month in 2014, according to the May BCA Pulse report.
Year-on-year, the average age increased marginally at 60.88, while mileage fell from 55,783 miles to 55,029 miles. CAP was up slightly over the year to reach 96.58%.
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The headline average value of a used car in May, was down by £69 compared to April.
Simon Henstock, BCA’s UK operations director said: "May is typically a slower month for the used vehicle sector, with the two Bank Holidays often proving disruptive to trading patterns and the impact on demand as consumers begin to focus on paying for their summer holiday."
"However, demand was strong in May with average values for fleet/lease and dealer part-exchange continuing to rise to record levels. The market remains short of good retail-quality stock and it is noticeable how the best grade and specification cars in attractive colours often outperform the rest of the market by some margin."
"We continue to see plenty of vehicles in poor condition and at above average mileage, however, and sellers should look closely at appraisal reports and condition ratings when setting reserve prices. These vehicles must be valued competitively and in line with condition in order to attract buyers and sell first time."
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Fleet & lease and part-exchange values reached record levels for second month running.
The average fleet and lease car value rose by £182 (1.9%) last month compared to May 2014, reaching £9,719. Average age was broadly static at 39.9 months, while average mileage dropped from 46,225 to 45,732. CAP Clean performance was slightly higher at 96.39%.
The average dealer part-exchange vehicle value was £4,397 in May. Year-on-year values were ahead by £349 (8.6%), with CAP Clean performance higher by half a point compared to a year ago.
Over the same period the average age increased from 87.95 months to 88.74 months, while average mileage declined from 70,715 to 69,744.
Nearly-new values improved for the second month running, although model mix has a significant effect in this low volume sector. The average value in March was £21,039 and CAP Clean performance was 99.59%.
