Fleet and lease values reach second highest point on record in February
Headline average used car values hit a new record in February while fleet and lease values reached the second highest point on record.
Latest Pulse data from BCA shows average values in the fleet and lease sector rose to £10,179 following a marginal increase over the £10,163 recorded in January. Retained value against original MRP (Manufacturers Retail Price) improved by a half a point to 42.5%, while year-on-year values were up significantly, rising by £517 (5.3%), as both age and mileage continue to decline.
Despite volumes remaining high, February also recorded the highest headline figure since Pulse began reporting in 2005, with values rising by £203 (2.3%) to £8,822 compared to January. Year-on-year values were up by 11.2% (£893), with average age and mileage falling by five months and 4,500 miles respectively.
Simon Henstock, BCA chief operating officer UK remarketing, commented: “The market is anticipating increased part-exchange business and greater volumes from fleet and contract hire sources over the coming weeks. With Easter imminent – often a watershed in demand – this could impact on residual values in the weeks ahead and BCA is recommending that volume vendors appraise their sale stock closely to ensure it is valued in line with market expectations.”
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