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Used car market stabilises in September
publication date: Oct 22, 2008
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author/source: Robin Roberts
According to the latest data from BCA, the used car market appeared to be stabilising in September and even showed signs of a minor recovery. However, September is traditionally one of the strongest months for average values and year-on-year values remained well behind 2007. BCA's Pulse data for September shows that average monthly used car values rose for the first time since May, with a modest climb of £47 (1pc) recorded against August. Values averaged £4,812 over the month, compared to £4765 in August. In the same month, the new car market recorded its worst volume performance in 40 years, while economic markets continued to be in turmoil. Used car values have fallen significantly during 2008, but September's average values offered some relief for vendors as prices crept up, even if only marginally. While it would be foolhardy to suggest this heralds a recovery for used market prices, it was a welcome change from price performance recent months. BCA also recorded an improvement against guide values as the average performance against CAP Clean rose to nearly 92pc after spending two months stabilised around the 90pc mark. Despite this small improvement, it is the third month running that the average auction value has been below the £5,000 threshold and compared to earlier in the year, values remain down by around £1,000. According to BCA's figures, values for Fleet & Lease cars rose by £71 in September with average Part-Exchange values climbing by £63. While Nearly-New values continued to fall, just £8 was taken off the average value in September. |
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