Average used values in the fleet and lease sector rose to record levels in July, as value across the board rose by 1.8%.
The sharp rise of £387 (3.8%) compared to June, reversed last month’s fall in the value of ex-fleet vehicles at auction.
Retained value against original MRP (Manufacturers Retail Price) improved slightly to 42.29%, whilst year-on-year values were up by a significant £821 (8.4%), as both average age and mileage continued to reduce.
Despite the summer holiday period being in full swing, the headline average value of a used car rose by £167 to £8,962 – a very similar rise to that seen in July 2016.
Stuart Pearson, BCA managing director UK Remarketing, said: “Supply and demand has been relatively well balanced over the summer period, and average values rose in July, as buyers competed strongly for good quality stock. However, professional buyers remain selective, often buying to order and focusing their attention very firmly on the ready-to-retail vehicles that can be churned quickly. The best presented and specified cars are selling quickly, while the budget end of the market is relatively strong, providing the condition is good and vehicles are sensibly appraised and valued.”