Following a fourth successive month of decreases average wholesale used car values are now close to December 2010 levels, according to Manheim Remarketing’s latest market analysis.
In July, overall average values fell by 0.8% (£52) to £6,588, just £19 above the £6,569 reported in December last year. The fleet sector fell by 3.2% (£195) to £5,905, dealer part exchange values fell by 0.9% (£21) to £2,306 while manufacturer stock values increased by 2.1% (£237) to £11,516.
Notable examples of decreases in average values in the fleet sector in July include: medium family down 1.7% (£95) to £5,404; large family down 4.8% (£231) to £4,626; compact executive down 2.1% (£168) to £7,816; mini MPVs down 3.4% (£162) to £4,638; and 4x4s down 7.3% (£877) to £11,055.
Examples of increases in average values for the fleet sector in July include superminis up 3.8% (£145) to £3,907 and Small Hatchbacks up 4.2% (£179) to £4,455.
Mike Pilkington, managing director, Manheim Remarketing, said: “As predicted, pressure on values was much in evidence throughout July, the main contributing factors being a combination of weakened retail demand and the beginning of the holiday season.
“Although the overall pressure on values is expected to continue in the short term quality stock is in short supply. Following four successive months of decreases, average values are now just £19 higher than in December last year so there are plenty of cars at bargain prices.”