Part-exchange values are outperforming “premonitions of doom” during the summer months with average selling prices rising by 4.3% in July, from £2,374 in June.
According to the latest figures from remarketing company Manheim part-ex values are also up by 7% year-on-year in July.
Manheim said the increase in value is reflective of a fall in both average age and average mileage.
The average selling price rose for all but one of the 10 vehicle segments considered, with 4x4 vehicles the only segment to show a fall from June values. However, this fall was coupled with a significant increase in average mileage of 2,493 miles. All segments, including 4x4 vehicles, are up on their 2011 values.
Daren Wiseman, valuation services manager at Manheim Auctions, said: “At the start of the year, there was a great deal of uncertainty about what impact national events such as the Jubilee, Euro Championships and Olympics would have on dealer forecourt traffic.
“However, the latest market analysis figures seem to show a fairly buoyant market, especially in comparison with the wider retail landscape. We’re seeing dealers take a more flexible approach when it comes to selecting the marque and make of vehicle they put out on their forecourts to attract interest but, inevitably, age and mileage still matter – especially in relation to the quality of the vehicle. And, while quality stock remains in short supply, we are likely to see average values continue to rise.”