The average value of a used car in the UK in October was up 8.6% (£518), year-on-year, and 2.6% (£166) month-on-month, according to the latest Pulse report from British Car Auctions (BCA).
The average value of £6,481 is the highest figure recorded by the Pulse report since its 2005 inception.
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Average prices were up across all sectors:
– Fleet and lease was up 0.4% month-on-month, but up 14.9% year-on-year, to £8,736, another monthly record
– Part exchange values were up 1.2% month-on-month and 14% year-on-year, to £3,151, which, again, was a monthly record
– Nearly-new prices were up 9.4% month-on-month, 9.3% year-on-year, to £21,601, the highest value since the £21,691-peak of December 2010
Simon Henstock, BCA operations director, said that "while headline values continue to move upwards, we have experienced some pressure in the used car market in October.
"Sale conversion rates faltered during the month as volumes rose compared to September and buyer demand remained firmly focused on the best quality Condition 1 and 2 vehicles."
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By GlobalDatarichard.brown@vrlfinancialnews.com
