Relative stability of June and
July disappears as older vehicles swamp market.
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Average wholesale used car values
fell by 3.3 percent (£234) to £6,783 in August, after the period of
relative stability in June and July. Overall average vehicle age
has remained static but mileage has increased by 1,348 to an
average 52,331 miles which is the highest monthly value reported
over the past two years.
Month-on-month values for fleet
were down for the fifth time this year, with a 2.3 percent (£134)
reduction to £5,791.
Dealer part exchanges fared better,
remaining stable with a £26 increase (1.2 percent) and at an
average price of £2,179.
Although manufacturer stock was
down by 5 percent (£665) to £12,647, this followed an increase of
5.1 percent in July. There has been a significant drop in overall
average used car values since August 2009, with prices now down by
8.2 percent (£607).
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By GlobalDataThe sharpest decline is in the
fleet sector, with values down by 13.5 percent (£900) on this time
last year, although both average age (by two months) and average
mileage (by 3,166) increased over the period.
Manufacturer and dealer stock has
remained comparatively stable over the last 12 months, drifting
downwards by 2.2 percent and 4.3 percent respectively.
Manheim Remarketing managing
director Mike Pilkington said: “It is inevitable older vehicles
with higher mileages will come through the auction halls.
“Although fleet values have fallen there has been some stock
clearance activity going on. The stability of dealer part-exchange
values suggests an underlying strength in retail demand for budget
cars.”
