According to the monthly data on the performance of dealer stock at auction, prices achieved for used cars averaged at £2,703 this month, just 2.3 per cent down on June’s figure.
Today’s part-exchange values show that dealers continue to see strong demand from the auction floor, with the annual selling price of used cars rising from £2,476 to £2,703 over the period.
Meanwhile, data has revealed that, while the average values of superminis fell from £1,772 to £1,766 between July 2012 and July 2013, compact executive models appreciated in value from £3,506 to £4,118 over the same period.
Valuation services manager at Manheim Auctions, Daren Wiseman, said: ‘July’s figures show a surprisingly strong used car market, especially when compared to the tough times still being seen on many high streets.
‘Clearly, dealers have learnt their lessons well in the last couple of years and have become much more selective about which models they remarket via auction.’
He added: ‘So, while we’re seeing segments such as 4x4s losing value at the moment, compact executive models are continuing to appreciate in value, despite a rise in mileage.’