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Used Car Values Update
Published: Thursday 9th of May 2013 | Author: Katie | Category: Industry News
The latest Used Car report from leading vehicle auction company, British Car Auctions (BCA) shows that year-on-year values were up by over 17% in March, although prices declined marginally by 0.7% when compared to February, 2013, according to thisissouthdevon.co.uk.
Simon Henstock, BCA's UK Operations Director commented: "Although average values continue at near record levels, prices are high largely as a result of the constricted supply rather than strong demand”. It’s a very fragile balance that can affect the timing of buying and selling a used car dramatically. While retail demand is expectedly muted by economic uncertainty and subdued consumer confidence, there is adequate activity to justify continued stock purchase, says CAP. (CAP Black Book, the benchmark guide to used car prices)
March, 2013, recorded the fourth highest average monthly value since BCA's reporting began in 2005. However, post-Easter, BCA has seen buyer demand weaken with conversion rates falling in the first week of April, suggesting there will be some pressure on values in the weeks ahead.
Typically this time of year witnesses a softening of demand, but it remains to be seen whether this will be the case in 2013. We can already see a notable reluctance for trade buyers to bid as strongly on poorly presented vehicles. “Values for cars requiring any significant degree of cosmetic work were hit the hardest”. (thisissouthdevon.co.uk)
Due to the ever-changing nature of the used car market used car buyers are even shunning high cost, economical diesels in favour of more affordable petrol cars, say remarketing experts. "Vehicles such as the Peugeot 107 and 308; Toyota Aygo and Yaris; Kia Picanto and Rio; and smaller [petrol] models from the likes of Ford, Mazda and Suzuki are continuing to gain ground”, according to businesscar.co.uk.
Used car values across the board averaged £7,000 last month, down by £56 compared to February but significantly ahead of March, 2012, by £1,026 (17.1%).
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About Concorde Auto Centre
With branches in Cambridge, Coventry, Leicester, Milton-keynes, Northampton, Norwich, Oxford, Peterborough, Swindon and Wisbech, Concorde Auto Centre offers a wide range of professional services with highly trained auto technicians always on hand to fit new parts or to offer advice to our loyal customers. Call us today to get the best prices on new car tyres fitted, winter car tyres fitted, wheel alignment, car exhaust systems, air conditioning recharges, replacement brake pads and discs, booking in your car for its MOT, car servicing, cambelts, shock absorbers, engine rebuilds, vehicle diagnostics, clutches, batteries, tow bars, turbo inspection and car gearboxes
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