Average used car values fell slightly at British Car Auctions (BCA) in August, in what the vehicle remarketer described as ‘another steady month’.
The total average value for a used car was £7,839, down by £73 compared to July, and £162 compared to August 2014. BCA said the year-on-year change was likely due to model mix.
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Simon Henstock, BCA’s UK operations director said: " The short term prospects suggest that volumes will rise from mid-September onwards as greater numbers of dealer part-exchange and ex-fleet vehicles begin to reach the wholesale markets.
"While the best quality stock – the Condition 1 and 2 cars – will continue to attract a lot of buyer attention and achieve strong prices as they have done all year, it is the poorer presented vehicles that typically feel the price pressure. If the market conditions tighten then these vehicles will need to be competitively priced if they are to be sold."
The Fleet & lease sector saw average an average price of £9,648 in August, up on the £9,593 recorded in August 2014. The average mileage fell by over 2,000 miles, to 44,721, while the average age also dropped slightly, to 39.89 months.
It was a similar story for part exchange cars, where values and mileage both dropped, year on year. August 2015’s average part ex car value was £4,243, 5.2% ahead of August 2014’s value. Average mileage dropped from 70,939 to 69,273 miles. The average car was actually slightly older in August 2015, however, at 89.65 months compared to 88.33 the year before.
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By GlobalDataThe volatile nearly-new market saw a drop in average value from £22,876 in August 2014 to £21,236 in August 2015.
