Latest figures from Manheim's Market Analysis show that part-exchange vehicle values remained stable over the summer, reflecting confident consumer behaviour and a healthy trading period for motor dealers.
The figures show that, month-on-month, the selling price for dealer part-exchanges remained largely unchanged from June to July (rising by just £5 to £3,130). While average mileages of vehicles at auction have remained largely stable over the last year, at the 76,000 mark, the average selling price has increased markedly.
As per wider market trends, the figures also show a "remarkable" increase in the value of part exchange vehicles of 15% year-on-year, from £2,703 to £3,130, displaying an overall continuation of consumer confidence.
Daren Wiseman, valuation services manager at Manheim Auctions, said: "The results for part-exchange vehicle values are typical for this time of year, remaining steady without much fluctuation. With the second registration plate change of the year on the horizon, we expect to see more activity through the following months, with more used vehicle stock and buyers in the auction halls."
"Looking at the trends in vehicle types for the month of July, we can see that the average selling price of coupe type vehicles has reduced, from £6,519 to an average of £5,752 compared with June. T
"This is what we expect to see going into August as the British summertime comes into its final few weeks. On the other end of the scale, sales of MPV type vehicles have increased, rising in value by around 11% from £3,133 in June to £3,478 in July."
Three of the 10 categories that were analysed by Manheim showed an increase in value compared with the previous month; small hatchback, medium family and MPV. These three segments also experienced corresponding falls in mileage, albeit marginal.
Wiseman said: "We are more than comfortable with the results we are seeing for July. Looking at the annual trading pattern, we are following a recognisable seasonal trend, with significantly higher values than previous years. We expect to see this pattern continue throughout the final part of 2014, with slightly higher values than last year providing for sustainable growth in the market."