Average part exchanges have continued their climb in value by 3.9% to £2,898 month-on-month, despite the a continual annual increase in the age and mileage of cars coming to auction, according to figures from car remarketing group Manheim.
October saw a rise in the average selling price of £91 or 3.3% annually, even though the mileages of cars at auction were now 1,573 miles higher than October 2012 and each car was on average two months older than for the same period.
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Small hatchbacks in particular rose strongly in price from September’s figures with part-exchange prices climbing £183 to £2,192. In September prices paid were already up 4.64% on August’s figures to £2,009.
Medium-sized cars also continued their rise from September’s figures, increasing £65 to £2,878.
Coupes cut price
Sectors that fared less well were the coupe and mini MPV markets. Coupes lost £196 of their value having increased by the strongest amount in September, up 15.5% to £5,327 that month. This was in part due to the seasonal nature of the coupe market but also in the increasing age and mileage of the examples coming to market.
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By GlobalDataCoupe’s exceeded the market average for October ageing by an extra three months and adding 2,660 miles.
Despite the overall annual increase in age and mileage, part-exchanged cars were a little younger and less leggy month-on-month than in September with average ages falling by two months and mileage decreasing by 1,523 miles on average.
