STRONG: Used car values enjoyed good June
Used car values enjoyed a 17.3% year-on-year increase in June.
Leading vehicle remarketing specialist British Car Auctions (BCA) report that used car values averaged £7,000 last month – significantly ahead of June 2012 by £1,036.
Average values have remained at or above £7,000 for five out of six months this year, a marked step up from the £6,000 average of 2012.
The average age of remarketed vehicles (59.9months) was three months younger than in June 2012, with the average mileage of 55,316 more than 4,000miles less.
BCA report demand from professional buyers remains particularly strong for the best retail-ready vehicles in the used market, while budget interest is also positioned nicely.
Tim Naylor, Editor of the BCA Pulse Report, 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 rising as a result.
“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 get a lot of attention from buyers.”