A change in mix caused headline used car values to fall by 2.2%
in June compared to May, according to British Car Auctions (BCA).
This was generated by lower sales volumes and values of nearly-new
cars, while values in the fleet and lease and part exchange sectors
continued to rise.
The figures show average values fell by £134 to £5,964 in
June. Despite this, fleet values reached a new high, averaging
more than £8,000 for the first time on record, as BCA sold a
slightly richer mix of cars from fleet and lease operators in
June. Part exchange values also recorded a small
month-on-month rise of £27. Nearly-new values fell by nearly
£2,000, due entirely to changing model mix as fewer prestige and
executive cars reached the market.
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Across the board, used cars averaged 96.1% of CAP Clean in June,
up by half a point compared to May, while average age and mileage
both rose marginally over the month, up to nearly 63 months and
60,000 miles.
Year-on-year, June average values are 5.3% ahead of June 2011,
while average age and mileage have climbed by 6% and 2.5%
respectively in the same period.
BCA’s communications director Tony Gannon said: “The market
tends to slow down in the early summer and we have also had a
short-term hangover from the Jubilee double Bank Holiday. Volumes
are down month on month, and year-on-year for that matter,
underlining the shortage of supply reaching the
marketplace.
“In many ways, this dearth of stock is keeping values high as
consumer confidence is still reported to be flat. According to the
CBI, retail activity is subdued and uncertainty over the economic
outlook is putting a brake on consumer spending across the whole
retail sector.”
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