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Fleet and lease used car values hit all-time record high

Friday, July 5, 2013 - 11:35
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HIGH: Used values enjoy a record month

Fleet and lease used car values are at an all-time record high, British Car Auctions (BCA) have announced.

In their latest Pulse report, BCA noted June’s average value of £8,860 was the highest monthly figure on record.

Average price grew £56 (0.6%) compared to May, with an impressive £818 (10.1%) uplift from June 2012’s mean figure of £8,042.

CAP performance improved to 95.74% from 94.8% the previous month, while retained value against original retail price improved marginally to 41.97% from 40.19%.

The average age of cars up for auction was 39.4months, with average mileage just under 45,000miles.

Both figures were virtually static month-on-month, but down impressively year-on-year – with June 2012 figures of 40.78months and 48,847miles respectively.

The impressive performance was the highlight of a steady month for a used car industry enjoying a strong year.

In June, values declined by £45 (0.6%) to £7,000, but year-on-year values remained well ahead, up by £1,036 (17.3%).

Average age and average mileage were also down year-on-year, but CAP performance was also slightly down.

Simon Henstock, UK Operations Director of BCA, said: “Average monthly values have been remarkably consistent this year, suggesting supply and demand are relatively well balanced.

“However, trade buyers are showing less interest in cars requiring significant work to bring them up to ‘showroom condition’ unless these vehicles are priced very competitively.

“In contrast, vehicles offered in ready-to-retail condition are highly sought after, with values typically outstripping guide expectations often by some considerable margin.

“The budget end of the market also remains strong, particularly in the £2,000 to £3,000 price sector, and older, well-presented cars at sensible mileages will also regularly outperform guide values.”

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