11:03 am, December 11, 2013
THE average selling price of part-exchange vehicles reached a record high in November, according to Manheim.
Manheim’s latest Market Analysis highlights that average values have continued to grow since August 2013 to reach up to £3,162 in November – the highest figure since the analysis began in 2007.
Values increased by £263 during the month, which is reflective of a fall of one month in average age down to 98 months respectively. However, this rise occurred despite an increase in average mileage of 609 up to 75,937.
Meanwhile, the average selling price rose for eight of the 10 sectors, especially for 4×4 models with values increasing by 26.9 per cent. This is reflective of a fall in average age by five months and a fall in average mileage by 1,468.
However, values fell for two of the vehicle sectors most notably for coupe models, which saw values decrease by £388. This reflects an increase in the average mileage of 248 miles to 70,592 and a rise in age by one month to 106.
Daren Wiseman, valuation services manager at Manheim, said: ‘The record values in November reflect a continued strong demand for used cars, which continues to keep average part-exchange values high as buyers opt for used models over new.
‘However, this has to be offset by the continuing trend of a shortage of good quality, retail-ready stock. In a number of cases, dealers have been holding on to the better quality part exchanges to push through their own forecourts. We expect to see new car part exchanges to enter the wholesale market, which may affect values in the run up to Christmas.’
