Values plummeted by as much as 25% on Rover cars less than two years old between the last quarter of 2004 and the second quarter of 2005.
But fleet operators will be cheered to hear that used values recovered by more than 20% in the third quarter of 2005, according to analysis by Manheim Auctions into the values of 10,000 Rover 25s, 45s and 75s over the past 15 months.
The company tracked the residuals of 25, 45 and 75 models between Q3 2004 and Q3 2005.
In the 0 to 24 month age bracket, the average market value of a 75 was £9,480 (44.7% of cost new), £6,528 for a 45 (48.4%) and £4,871 for the 25 (46.3%).
When Rover called in the administrators, these fell dramatically to £7,472 (35.3%), £4,429 (32.8%) and £4,152 (37.7%) respectively.
But in the third quarter of 2005, residual values rose almost as dramatically as they fell in the 0 to 24 month age range.
The average market value of a Rover 75 was £9,635 (43.6%), the 45 £5,139 (38.5%) and the 25 £4,664 (41.5%), increases of £2,163, £710 and £512 respectively. Manheim also tracked residuals of Rovers between 25 and 42 months and 44 and 66 months old.
At 25 to 42 months, 45 and 75 models fell during Q2 2005 and only slightly recovered in Q3 2005, while 25 prices stabilised in Q3. At 44 to 66 months, the 75 dropped dramatically in Q2 2005 and barely recovered in Q3. 25 and 45 values fell steadily prior to Q1 2005, with prices falling on both models in Q2 and Q3 2005.
Rob Barr, group planning and communications director at Manheim, said: ‘There are still a great many companies, especially contract hire companies that have MG Rovers on their fleet that aren’t certain of the disposal value of the cars. We hope fleets can use this information to help better assess future residual values across the MG Rover range.’
Chinese company Nanjing Automobile, which bought MG Rover’s assets after the company collapsed with debts of £1.4 billion, said it remained committed to restarting production at the company’s Longbridge site in the West Midlands.