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Used prices still sliding as buyers hibernate
publication date: Dec 14, 2009
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author/source: Robin Roberts
BCA’s latest Pulse report shows that average used car values have decreased for the third month running. The overall average value for cars sold in November was £5,903 – a fall of £118 (2pc) compared to October. A further point also came off the CAP comparison, which now stands at 94.45pc of Clean figures. Unsurprisingly, values remain well ahead year-on-year by £1,080 (22.3pc), although as prices were beginning their recovery 12 months ago, it is likely that this figure will reduce in the months ahead. BCA’s Communications Director Tony Gannon said, “With this slight slowdown, the marketplace appears to be resuming a more typical pattern of activity. In previous years, September was often a peak in the annual price cycle, with values falling slightly in the following months of October and November and that is exactly what has happened this year.” Volumes of fleet/lease and nearly new cars sold in November were broadly in line with those seen in October, although there was a fall in P/X volumes – perhaps reflecting the more difficult retail picture being reported by dealers. Average values fell in two of the three main product sectors – Fleet & Lease values fell by £457 to £7,159 (down 6pc). Nearly-New values decreased by £2,191 to £16,969 (down 11pc) - although there was a shift in model mix away from higher value premium models that will have had an effect. Meanwhile Part-Exchange values bucked the trend by increasing from £2,585 to £2,649 – a modest increase of £44, but still equivalent to a 2.5pc rise. Factor in the average 2pc drop recorded across all sectors and the PX sector has outperformed the market by 4.5 points. The continued demand in this sector shows that there are plenty of motorists still needing budget-priced transport. |
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