AVERAGE wholesale used car values increased by 1.1 per cent in October says Manheim Remarketing.
Used car values increased by to £6,813 in October following a drop of just 0.7 per cent in September, with rises recorded in all three vehicle sectors.
Average fleet values increased by 1.7 per cent to £6,036, dealer part exchange prices rose by 0.5 per cent to £2,231, while manufacturer stock was up by 1.1 per cent to £12,188. When compared with January 2010 average values are 5.2 per cent lower.
Superminis and 4x4s values were up the most in the fleet sector say the company. Their values were up 9.2 per cent and 6.7 per cent respectively.
Dealer part exchange prices for large family and executives increased the most – 6.1 per cent and 7.5 per cent respectively – while the big winner in manufacturer stock values was small hatchbacks whose values have risen by 6.4 per cent.
However, MPVs were the biggest losers in the fleet sector – their values were down 4.6 per cent – while compact executives values fell the most in both dealer part exchange and manufacturer sectors – compact execs were down 4 per cent and 8.6 per cent respectively.
Manheim Remarketing’s managing director, Mike Pilkington, said: ‘October has continued in much the same vein as September with no huge influx of volumes impacting on either pricing or conversion rates but buyers are becoming more selective with clean, low mileage and well specified vehicles attracting greater interest.
‘We are now entering one of the toughest retail periods of the year for used cars and as the market eases into the early winter months and retail demand traditionally tails off, it is vital that vendors set realistic reserves to move stock quickly.’
by JAMES BATCHELOR