The average price of a used car was £6,315 in September, up by 2.5% month-on-month and by 1% year-on-year, according to the Pulse Report from remarketers British Car Auctions.
The report attributed the rise and competition among buyers to "on-going supply issues"; essentially, the lack of quality, used stock available in the nearly-new to sub-five-year-old range following the crash in new sales around 2008.
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The average age of a used car was 62.73 months, up 3.7% year-on-year, having done an average 58,659 miles, up 1.4%. The average sale against CAP was 98.04%, down from 99.05% in September 2011.
Part-exchange values rose 5.5% on August and 13.3% year-on-year to an average £3,113, the first time the £3,000 barrier has been broken. Values against CAP Clean were up 2.5 percentage points to 95.4% with average age and mileage down slightly. Year-on-year, part-exchange values were up 13.2% with age and mileage steady.
At £19,742, nearly new values were up by 1.9% on August, and were up by a percentage point to 100.8% against CAP Clean.
richard.brown@vrlfinancialnews.com
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