Observations

Tim Naylor, BCA

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The headline average monthly used car value in July declined 1.8%, with fleet and lease values falling and dealer part exchange values static. Year-on-year values remain ahead, up by 11.2% as good-quality stock remains in short supply and demand from professional buyers remains strong.

Vehicles in below average condition must be valued in line with market expectations to attract buyers. Sellers should consider adjusting valuations now on poorer-condition cars, remarketing them before volumes begin to rise and buyers gain choice from mid-September onwards. Across the board used cars averaged £6,875 in July, down by £125 compared to June.

Average mileage continues to fall and cars are one month younger when sold compared to last year. Average performance against CAP Clean is around one point down, year-on-year.

Fleet and lease values fell back slightly from June’s record but remain ahead year-on-year. Dealer part exchange values also recorded a substantial year-on-year uplift. Nearly new values rose as a result of a change in model mix.

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Cars entered from dealer part exchange sources have outperformed the market in recent weeks, thanks to sensible appraisal and reserve-setting from vendors. As in previous months, cars presented in Grade 1 and 2 condition will typically make values well in excess of guide price expectations.

Average part exchange values fell by just £2 in July to £3,690 and values remain at near record levels. Year-on-year values were ahead by £741 (25.1%) although CAP performance fell by a point to 94.4% in July.