Dealer part-exchanges at auction hit an average of £2,807 in October, up 8.1% month-on-month and 19.6% year-on-year to a record high, according to vehicle remarketer Manheim Auctions.
Month-on-month, average age dropped from 100 to 97 months with average mileage down 1.9% to 73,755.
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Daren Wiseman, valuation services manager at Manheim Auctions, said that, given the largely unchanged stock profile, "the increase in prices paid reflects a better quality of lower mileage car at auction.
"This could be a result of more people trading-in their cars in September and October, which is reflected in the latest SMMT [the Society of Motor Manufacturers and Traders] figures showing that new registrations were up by 12.1% in October."
All vehicle segments saw a rise in price except executives while over half of all dealer sales at auction were either small hatchbacks or medium family cars, reflecting the popularity of smaller cars reported recently by the likes of Experian and PricewaterhouseCoopers.
Further part exchange and used car values for October will be published in the November issue of Motor Finance magazine.
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By GlobalDatarichard.brown@vrlfinancialnews.com
