Fleet News

Used car values show a welcome increase

THE average price for an upper-medium car has increased by £711 year-on-year, according to new research from Glass's Information Services.

Glass's October 2003 Used Car Price Index reveals an upward movement in residual values across seven of the 10 market sectors analysed compared to 12 months ago, both for one and three-year-old cars.

The only sectors to show a decrease in residual values at three years/60,000 miles were lower-medium cars, down by an average of just £4, compact MPVs, down by £807 and upper-medium executive models. Small cars increased by an average of £16, superminis by an average of £367, MPVs by £729, sports utility vehicles by £62, 4x4s by £1,017, premium upper-medium cxars by £87 and large executive cars by £819.

Glass's revealed the increase in its new Used Car Price Index, a monthly report designed to help businesses keep up-to-date with residual value trends across the UK's used car market.

Glass's new research facility, Glass's Market Intelligence Service, compiles the Used Car Price Index using the latest data covering more than 40 groups of vehicles and more than 600 individual model variants.

Alan Cole, consultant for Glass's Market Intelligence Service, said: 'The overall picture for used car prices is fairly positive. With the prices of new cars now beginning to increase for the first time since early 2001 and with a generally stable economic outlook, we would expect recent improvements in used car prices to continue in the short-term across the market as a whole.'

More than 40 groups of vehicles and 600 model variants are used to compile Glass's Used Car Price Index.

A representative example from each vehicle manufacturer's model range is included for each group in the index. Replacement models are also added where appropriate to complete the history of values over time.

Glass's used car price index

Supermini
Three-year change in value year-on-year: +£367
Depreciation from new: -£5,608

Lower-medium
Three-year change in value year-on-year: -£4
Depreciation from new: -£7,898

Upper-medium
Three-year change in value year-on-year: +£711
Depreciation from new: -£10,202

MPVs
Three-year change in value year-on-year: +£729
Depreciation from new: -£9,987

Premium Upper-Medium
Three-year change in value year-on-year: +£87
Depreciation from new: -£10,755

Large executive
Three-year change in value year-on-year: +£819
Depreciation from new: -£16,962

  • Source: Glass's Market Intelligence. Based on three years/60,000 miles
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