Wednesday, May 23, 2012
Q1 used values reach seven-year high
Used car values in first quarter are at their highest for seven years with demand exceeding supply for the best cars.
The average value of a used car in the first quarter of 2012 was £6,114, according to the BCA Quarterly Pulse Report,
This is the highest Q1 value since Pulse began reporting in 2005.
Year on year, Q1 values were up 3.6%
BCA communications director Tony Gannon said: “There is little doubt the value element of the market has recovered despite the on-going economic issues.
“However, the supply side of the market equation should not be ignored. There have been well reported constraints on supply of the best, retail quality cars.
“In a competitive remarketing environment this is undoubtedly contributing to the general rise in values.”
While values are rising, the average age and mileage of used cars is also increasing, said BCA,
The average fleet and lease car had covered nearly 3,000 more miles when sold in Q1 12 compared to Q3 10.
The average age of used vehicles is also rising and passed 61 months in Q1 12 – the second highest figure on record.
DATED: 23.05.12
FEED: MT
