The average value of a used car in the UK in November was up 3.5% (£220) year-on-year despite a 0.9% (£60) month-on-month fall, according to the latest Pulse report from British Car Auctions (BCA).
Despite this small month-on-month decline, the average used car value of £6, 421 was the third highest monthly value on record.
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Alhough figures might be below last month’s record-breaking prices, all sectors were up year-on-year:
– Fleet and lease prices were down 3.0% month-on-month, but grew 9.9% year-on-year to £8,123
– Part exchange values fell just £10 compared to October, but at £3, 141, were still up 9.1% year-on-year
– Nealy-new prices fell £1, 072 to £20, 529, month on month, however were up year-on-year by 8.3%.
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By GlobalDataBCA has already reported a recent rise in the prices of 4×4 models, as has become the norm at this time of year.
Tony Gannon, communications director at BCA, commented: "It was not unexpected to see values falling from the record levels achieved in October. The marketplace is entering a slower phase in the run-up to the year-end and demand faltered a little in November – a seasonal element to the annual buying cycle.
"Overall, prices remain strong when taking the longer view and average values during 2012 have probably exceeded the expectations of most market watchers. While much of this is down to the supply issues affecting the wider market, overall performance has been very good when placed in the context of the relatively weak economy and low business confidence."
