Overall average values increased in November, with monthly used car values rising to £4,823 – the highest figure since July.
But the increase, according to auction firm BCA, is illusory as it reflects a significant shift in the mix with reductions in lower priced dealer part exchange volume resulting in overall increased values.
Year-on-year values were down £689 and with economic conditions remaining difficult, and consumer confidence low despite the UK base rate cut of 1.5 points in November, BCA is not expecting any major changes in the short-term.
The reality of the market place is more clearly seen within specific market sectors.
Within the overall average figure, fleet and lease cars fell by £128 against October and part-exchange vehicles fell by £56.
Average monthly Fleet & Lease values fell year on year by £918 (14%) to £5,596 in November.
“In recent years, December has been a period where the volume buyers dominate proceedings and seek to acquire stock in advance of the traditional January price rises,” said BCA’s communications director Tony Gannon.
“This is often combined with a relative shortage of stock, which stimulates market values.
“However, based on current trends, there is little to indicate that market values are about to pick-up as they have in previous years.”