4:16 am, April 18, 2012
THE National Association of Motor Auctions (NAMA) published its monthly market report today for March.
The report shows that during March, average values of used cars sold at auction across the board decreased from £4,797 to £4,648, equivalent to a three per cent decrease between February and March.
Although prices for the overall market decreased by three per cent this was largely due to some very significant changes to the age mix of cars sold.
An influx of part exchanges and defleets during March resulted in a rise in sales of all cars over four to five years old and a reduction in sales of cars less than 4.5 years old. This resulted in a reduction in overall prices.
The average age of all cars sold peaked again last month at 79.4 months proving that the average period of car ownership continues to extend.
Mike Pilkington, NAMA committee member commented “It is expected that March will be the largest selling month of the year due to the introduction of the March registration plate. Although there was a six per cent increase in sales resulting in a total of 86,292 units, it is still well short of the 93,613 units sold in March 2011.
‘However all other key performance indicators were on par with February 2012 indicating that the market remains in a relatively stable condition.
‘We should see some weakness in prices but there is no reason at this stage to expect anything other than normal seasonal movements.’
The report also showed that year-on-year, the average price of cars at auction has decreased by just £46 from £4,694 in March 2011 to £4,648 in March 2012.
