8:36 am, August 23, 2012
THE average value of a used car in the second quarter of 2012 was £5,891 – the highest ever recorded in a second quarter according to BCA.
The BCA quarter two 2012 Pulse report also showed that year-on-year values were ahead by £197.
Generally values in 2012 remain well ahead of those recorded in the previous three years and in fact since Pulse began reporting in 2005, said the firm.
One notable factor in the quarter was that the mix of used cars changed from quarter one, with nearly new and fleet/lease volumes representing a declining proportion compared to part-exchange volumes. The net effect of this was to make the ‘average’ car older and higher mileage.
BCA’s report clearly show average mileage rose again in quarter two to reach the highest point on record. After declining throughout 2011, the average mileage in quarter two 2012 is up by nearly 2,500 miles on quarter four 2011’s figure.
Again reflecting the changing mix of vehicles, the average age of used cars across the board also reached a new highpoint in quarter 2012, rising by more than 1½ months to over 63 months. Year-on-year, the average car is now two and a half months older than in the same period in 2011.
BCA’s longer view suggests values are in a fairly stable phase, although this is the result of fairly weak demand combining with somewhat poor supplies.
With the continuing fragility affecting market conditions and a backdrop of economic pressures and reduced consumer confidence, this suggests there is unlikely to be any significant value evolution in the short term, the report concluded.
