The average selling price for part-exchange cars in March was £3,600 – 2.6% (£90) higher than in February and 4.7% (£162) up year-on-year.
According to Manheim, the strongest performers at its auctions compared to February were executive cars, which saw prices rise by 13.6% (£836) and superminis, the average selling prices of which increased by 8% (£166).
Average selling prices for part-exchange MPVs rose 9.5% (£379) on average, compared to the same month last year, with an increase of 2.7% (£115) from February.
Poor weather in March may have contributed to average values for used 4x4s increasing by 11% (£820) year-on-year, and 4x4s continued to retain the highest proportion of their original selling price – 27% – of all vehicle segments in the part-exchange car market.
Daren Wiseman (pictured), valuation services manager at Manheim, said: “Conversion rates at our dealer auctions continued to be high in March, with good quality part-exchange stock being snapped up quickly by eager buyers. We may see seasonal softening in the market in April, reflecting the increase in overall car volumes being offered at our auctions.”
Also, figures from Manheim show that superminis were the strongest performers in the ex-fleet car market in March.
Average selling prices increased by 5.3% (£246) from February and were up 2.4% (£117) year-on-year.
The overall average selling price for ex-fleet cars rose by 3.2% from last month, to £7,043.
Conversion rates at Manheim’s auctions were high in March, with the company recording its lowest days in stock figure for ex-fleet cars for at least 12 months – 17 days – which was down two days from February and was five days lower than the same month last year.
Manheim also recorded the lowest average mileage for de-fleeted stock for at least 12 months, with cars having an average of 50,156 miles on the clock – a fall of 2,187 miles month-on-month and 9,562 miles year-on-year.
Compact executive cars continued their strong performance since the start of the year, with average selling prices up 4.6% (£413) from March 2015.
Of all vehicle segments, 4x4s continued to retain the highest proportion of their original price, selling for an average of 35% of their price when new.
Wiseman said: “Our auctions witnessed incredibly high conversion rates at the start of the year, along with strong selling prices.
“In April, we expect a slight softening in the market, reflecting the increase in volumes hitting our auctions following the plate change period.
“As buyers have greater choice of stock, fleet vendors should not be surprised if vehicles in poor condition, or requiring work, take longer to sell.”