The average value of a used car reached £7,706 in July, up £831 or 12% year-on-year, according to the latest data from the British Car Auctions (BCA) Pulse Report.
The large increase in values came despite the average age of used vehicles falling from 61.15 months to 59.95 months. However mileage fell from 56,043 mikes to 55,806 miles, while Sale vs CAP grew from 95.88% to 96.78%.
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The figure was also 1.4% above June’s £7,597 average value.
Fleet and lease average values in July grew from £8,780 in 2013 to £9,411 in 2014. The average age increased from 39.58 months to 40.07 months, while mileage increased from 45,223 months to 47,090 months. Sale vs CAP also grew, from 95.88% to 96.25%.
The average values of part-exchange vehicles reached £4,065 in July, the highest recorded value in BCA Pulse report history,
Substantially above the £3,973 recorded in June 2014, the £3,690 recorded in July 2013. It was also 72.5% above the average value recorded in July 2012.
Compared to July 2013, the average age grew from 87.31 months to 88.01 months, sale vs CAP grew from 94.47% to 95.97%, while the average mileage fell slightly, from 71,474 to 71,273.
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By GlobalDataWith average values of £21,711, nearly new values increased £2,008 year-on-year and £813 month-on-month. As always, these values were most affected by low volume numbers and model mix.
Commenting on the figures, Simon Henstock, BCA’s UK operations director said: "We are now well into the summer holiday period and the wholesale markets are generally quieter – however, this year volumes have remained relatively high and there is still plenty of competition for the best stock on offer.
"The shortage of good quality fleet and lease stock continues, with volumes not expected to pick up until the second half of September. Cars entered from dealer part-exchange sources have typically outperformed the market in 2014 and July was no exception. Average values reached record levels, as dealers continued to supply the marketplace with well-presented, realistically valued cars to tempt the buyers in."
