The small reverse was largely as a result of a change in model mix, as lower-value part-exchange cars represented a slightly bigger percentage in August than the previous month.
The year-on-year figure suggests continued value evolution, however, with August 2012 being £270 or 4.5 per cent ahead of the same month last year, despite cars being on average older and higher mileage.
Within the individual product sectors, on-going supply issues meant values continued to rise. Average fleet and lease car values improved by £101 compared to July to reach a new record monthly value of £8,154.
Year-on-year, the fleet and lease sector is significantly ahead and has posted double-digit improvements for three months running.
Average part-exchange values increased by just £2 compared to July, but this also established a new high point of £2,951 and year-on-year figures are well ahead. Nearly-new values also posted a small improvement.
BCA communications director Tony Gannon said: ‘August provided another welcome result for vendors, but the short- term prospects suggest that volumes will rise from mid-September onwards. This traditionally exerts some pressure on average values and conversion rates and that could be even more pronounced this year thanks to the continuing uncertainty surrounding the economy and the pressure on consumer disposable income.
‘Demand is patchy and even though prices have remained relatively strong throughout the summer months, this is largely as a result of the constrained supply leading to very competitive bidding.’
He added: ‘While the best quality stock – the Condition 1 and 2 cars – will continue to attract a lot of buyer attention and achieve strong prices, it is the poorer presented vehicles that might begin to struggle. If the market conditions tighten then these vehicles will need to be competitively priced if they are to be sold.’
Fleet and lease cars averaged £8,154 in August, up by £101 month-on-month and establishing yet another record average monthly value. CAP performance at 97.59 per cent improved compared to July, with average age and mileage relatively static. Performance against original MRP (Manufacturers Retail Price) improved marginally to 40.81 per cent across the fleet & lease sector.
Year-on-year, the fleet & lease sector recorded a significant 12.9 per cent uplift, which means year-on-year comparisons have recorded double digit improvements for three months consecutively.