1:05 pm, November 18, 2008
USED car prices fell by over 4 per cent in October, reports Manheim.
The average wholesale used car selling price was £6002, which is £278 down on September.
Values in September actually rose by 3.5 per cent, though, so the fall is not as bad as it first appears.
The used car auctioneer was more worried about significant contraction in year-on-year auction volumes. These seem to have stabilised in October, following a 4 per cent rise in September.
Breaking the average figure down, fleet values fell by the largest amount – 10 per cent. The dealer sector, in contrast, dropped by only 1.4 per cent.
The manufacturer sector fell by 8.6 per cent.
In individual market sectors, small hatchbacks in the manufacturer sector dropped by 5.2 per cent, while large family fleet vehicles plunged by 9.2 per cent.
Encouragingly, though, small hatchback and medium family vehicles in the dealer sector rose, by 6.4 per cent and 1.9 per cent respectively.
‘Following the unexpected rise in average sales values in September, the market is now back in line with trends experienced throughout most of this year,’ said Mike Pilkington, MD, Manheim Auctions & Remarketing.
‘However, there is clear evidence that the trend towards smaller, more fuel efficient cars is set to continue, with average sales values for medium family and small hatchbacks in the dealer sector actually increasing in October.’
