Fleet & lease values climbed to a new quarterly high of £7,130 on average – up by £217 on last quarter and by £505 (7.6%) year-on-year. Values exceeded £7,000 in April and June, with May just failing to reach that value – and then only by £14.
Nearly-new values soared again, rising by £2,355 against the previous quarter to £15,109 – not entirely unexpected with a number of new models direct from manufacturers reaching the marketplace via BCA.
Average part-exchange values fell by £4 against Q107 to £3,178, but remain above the £3,000 watershed for the third consecutive quarter and up by £233 (7.9%), year-on-year.
The strength of the used car market over the second quarter and particularly in June goes against the pattern seen in previous years. 2004 to 2006 saw values soften in the late spring and summer months, before recovering in September.
Interestingly, figures from the Society of Motor Manufacturers and Traders (SMMT) show that June's new car sales were 1.5% up on the same month last year, continuing a four-month period of growth – much of it fuelled by private buyers.
This is despite the toughening economic conditions for mortgage paying consumers who have seen five interest rate rises since last August.
A spokesperson for BCA said: “Quarter 2 Pulse figures show the strength in depth of the used car market. Despite increased volumes and a more uncertain economic outlook, values for fleet/lease and nearly new have risen, while part-exchange values have held firm.
“This reflects well on our professional volume vendors who are valuing their cars sensibly and ensuring vehicles are properly prepared for sale.”