Average used car values increased by 2.5% by £157 in September to £6,315 in over August’s figure, according to BCA’s latest Pulse Report.
The year-on-year figures show a modest increase of £63 or 1% over 2011, with cars being on average older and higher mileage.
There were value rises in each of the individual product sectors, as on-going supply issues meant professional buyers had to compete hard for the best vehicles.
Average fleet & lease car values improved by £185 compared to August to reach a new record monthly value of £8,339 – the fifth consecutive month that a record value has been established.
Year-on-year, the fleet & lease sector again posted double digit improvements, the fourth month in a row this has happened.
Having virtually stalled last month, average part-exchange values increased sharply by £162 in September, representing a 5.5% increase over August and breaking the £3,000 barrier for the first time on record. Nearly-new values also posted an improvement.
BCA communications director Tony Gannon said: “There is no question that September enjoyed higher levels of demand than we had seen since the spring months resulting in record breaking average values, but it is important to place these figures in context.
“With stock remaining thin on the ground, buyer demand is focused on the best quality vehicles – the Condition 1 and 2 cars – and this is driving values up.
“Over the coming weeks, we expect to see some pressure on values as volumes rise in the wholesale sector and retail demand softens in the run-up to the year end.”
Fleet & lease cars averaged £8,339 in September, up by £185 compared to August to reach a new record monthly value.
CAP performance rose by a point to 98.44% compared to August, with average age and mileage falling slightly.
Performance against original MRP (manufacturers retail price) improved by over a point to 42.05% across the fleet & lease sector.
Year-on-year, the fleet & lease sector recorded a significant 10.3% uplift, which means year-on-year comparisons have recorded double digit improvements for four months consecutively.
Average part-exchange values increased sharply in September, rising by £162 to reach £3,113, representing a 5.5% increase over August and breaking the £3,000 barrier for the first time on record. Values compared to CAP Clean rose by two and a half points to 95.4%, while average age and mileage fell slightly over the month.
Year-on-year, values were ahead by 13.2%, with age and mileage relatively flat over the period.
Average values in the nearly-new sector improved by £372 (1.9%), month-on-month to reach £19,742. Nearly-new values will always be affected by changing model mix in this low volume sector. Average performance against CAP Clean improved by a point to 100.8%.