Healthy picture of
growth
BCA is providing Motor
Finance with a new price table going forwards, split by body
type rather than individual make model. This allows BCA to examine
data from a basket of circa 25,000 vehicles monthly and draw more
robust conclusions about market trends. Tim Naylor, who edits BCA’s
monthly Pulse report, looks at the first set of new
figures for February 2010.
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Overall, supply and demand remains
well balanced in the used market, and February has been a much more
typical month following the weather-affected start to the year.
Fleets were the winners in February as values continued to show
consistent growth, thanks to limited supplies and strong demand. It
was a little surprising to see budget values stutter, but with
supplies increasing substantially for the second month running,
demand did well to keep up.
Average used car values across the
board rose marginally in February, increasing by £20 (under 0.5%)
to £5,959 compared to January’s figure of £5,939. While average
values rose in the fleet/lease and nearly-new sub-sectors, values
fell by just £10 in the part-exchange market.
Model mix prevented the average
monthly increase being much higher as volumes in the cheaper
part-exchange sector rose by 16% (following a significant 45%
increase last month). Fleet and lease and nearly-new volumes were
broadly in line with last month.
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By GlobalDataThe new table draws on information
from the Pulse database, but sliced in a different way. Focusing on
three age bands, it looks at the relative price performance by
readily identifiable body shapes – large and small saloon, 4×4,
coupé etc – to track any differentials on a monthly basis.
This first table also presents a
healthy picture of price growth in most sectors, and a market that
continues to outperform guide prices – often by a substantial
margin.
In the sub-one year sector, there is
sporadic price growth compared to January, with significant moves
for coupé and convertibles – heralding the arrival of warmer
weather, large hatchbacks and estates.
Volumes in the wholesale market remain
pretty thin under one year old, and model mix will often have had
the most significant influence – this can be seen most clearly in
the saloon sector where values for both larger and smaller models
fell compared to January, but the average price for all saloons
actually rose. BCA simply sold greater numbers of the higher value,
larger saloons in February than January and this skewed the average
price.
CAP performance under one year old
generally remains well above Clean, as might be expected, with 4x4s
and larger saloons improving on guide values by considerable
margins (up 11% and 16% respectively).
Car product sold unit market
performance – February 2010
FLA consumer finance
statistics: January 2010
