BCA’s latest Pulse report shows that average used car values increased in December, following three months of falling values.
Much of this was due to a change in model mix that saw a greater percentage of higher value nearly-new cars sold, combined with a seasonally stronger market in the run-up to Christmas.
The overall average value for cars sold in December was £6,188 – an increase of £185 (3.1%) compared to November’s £5,903. CAP comparison values also improved to 96.11% from the 94.45% recorded in November.
Values remain well ahead year-on-year by £1,352 (a significant 27.9% increase), although as prices were beginning their recovery 12 months ago, it is likely that this figure will reduce in the months ahead.
Average values actually fell in two of the three main product sectors – fleet and lease values fell by £134 to £7,025 (down 1.9%) and part-exchange values fell by £100 to £2,549 (down 3.7%).
Nearly-new values increased by £930 to £17,899 (up 5.4%) – largely due to a shift in model mix towards higher value premium models.
Tony Gannon, BCA’s communications director, said dealers can expect a further uplift in activity in January but the sustained price rises of 2009 are unlikely to be repeated this year.