The National Association of Motor Auctions (NAMA) has reported a 13.6% rise in the average used car price as the average mileage at auction reached their lowest point on record.
Average selling values increased from £5,188 to £5,893 from August – 22% (2016: £4,829) year-on-year – in September as the average mileage reduced by 3.6% to 63,289.
The overall decline in mileage was 2,365 in the space of a month and 4,500 miles on September 2016.
The RMI told AM that its records only stretch back a little over two years, September’s average mileage being the lowest on record since January 2015.
Head of NAMA, Louise Wallis, said that it was “positive to see that auction activity strengthened further in September”.
First time conversion rates increased by 3.1% to 85.4% from August, the rate also up 3.1% on September 2016
The first time premium was £189, a figure up by £80 (73.4%) on August, but still in line with 12 months ago when it was £180.
Wallis added: “First time conversion rates remained strong, and the volume of cars only increased slightly during this month. Anticipated increase in stock from the plate change did not materialise or arrived late in the month which kept conversion rates and prices high.
“We expect auction activity to remain stable going into the final quarter.”