Friday, September 04, 2009
Used car values continue to rise in August
Rise of 2.6 per cent
Its monthly Market Analysis for cars found that average values in August rose 2.6 per cent (£187 to £7,390) following a rise of 4.0 per cent (£277) in July. Used car prices are now 24 per cent higher than 12 months ago.
According to Manheim, the August rise is the seventh month-on-month increase in values since the beginning of the year.
Ex-fleet auction vehicle values rose 3.1 per cent (£201 to £6,681) while carmaker auction vehicles rose 1.2 per cent (£158 to £13,044). According to Manheim, the average value of dealer part-exchanges rose 8.9 per cent (£186 to £2,273).
Used car stock shortage
The rise in values has gone hand in hand with a shortage of good used stock in the trade, caused by lower new car sales and fewer part exchanges filtering through the system. Daily rental firms have also cut back stock.
Mike Pilkington, Managing Director,
Manheim Auctions & Remarketing managing director Mike Pilkington said: "Once again the market continues to rise, going from strength to strength throughout the summer months.
"This is one of the strongest August periods we have seen, but it does reflect the continuing high levels of activity reported across all our UK auction centres.
Pilkington added that conversion rates had fallen but demand remained "very strong".
DATED: 04.09.09
FEED: MT
