News

Used cars bloom in Feb

Time 9 years ago

BCA’s latest Pulse report shows that average used car values increased in February, climbing 3.7 per cent month-on-month.  

While values remain adrift of December 2011’s record levels, February 2012 is the third highest figure since Pulse began reporting and, year-on-year, is ahead by £259 (4.3 per cent).

Used cars averaged just over 98 per cent of CAP Clean in February, at 61 months and 59,000 miles.  Sold volumes declined by around six per cent compared to January, which is typical for this time of the year.

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Fleet/lease values improved by 3.7 per cent – the highest point since January 2011 – nearly-new values increased significantly by more than 11 per cent, and part-exchange values declined 2.5 per cent from last month’s record figures but remain ahead year-on-year.

BCA’s communications director Tony Gannon said:  ‘With good quality stock still in short supply and relatively consistent demand, the wholesale market recorded an improved performance over the month in terms of average price.

‘Values were also up again year-on-year, no doubt helped by some minor improvements in the wider economic indicators in recent weeks and some encouraging news on inflation.  But with news that mortgage rates will rise for some householders in the coming weeks, any improvement in consumer confidence may be short lived.”

‘Additionally, we are approaching a time when volumes can rise with the new registration plate prefix generating additional part-exchange numbers and corporate de-fleets, a period which is often accompanied by a softening in demand as Easter approaches.

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‘Sellers must continue to be in tune with market conditions and make sure stock is sensibly valued in line with market expectations.’

James Batchelor

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer.

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