Used car prices fell by 3.5% as conversion rates declined during November, according to The National Association of Motor Auctions’ (NAMA) monthly car auction data.
First time conversion rates decreased by 3.6% to 79.6% month-on-month – albeit up slightly by 0.4% on the same period last year – as the average selling value decreased £5,759 to £5,558.
The headline value was up 3.5% on November 2016’s November figure of £5,370, however.
Louise Wallis, head of NAMA, said that the decline in auction activity was “fairly normal this time of year” adding: “The number of vehicles being offered for sale remained relatively high, but with some vendors appearing reluctant to reduce their reserves to reflect the more challenging market.
“This resulted in volumes and conversion rates declining during the month.”
NAMA reported that the average mileage of vehicles sold at auction during November had risen by 0.4% month-on-month to 64,339, a fall of 399 miles compared to the same period last year.
The first time premium was -£145, meanwhile, a -107.1% decline on last month’s figure of -£70.
Wallis said: “We anticipate the market to pick up in January as dealers look to restock forecourts for the New Year.”