Convertible values increase by a third, reports Manheim
The auction firm says more than 4,000 convertibles worth £36 million have been sold since the beginning of January, with an average age of five years and average mileage of 43,500.
The average value was £7,764 (94.55% CAP Clean) in January and had risen to £10,271 (102.71% CAP Clean) by April.
Mike Pilkington, managing director, Manheim Remarketing, said: 'Although the convertible market is very seasonal, interest does seem to be much greater than in previous years. Demand is strong, with high buyer attendances both at the auctions and online via Simulcast, especially at our recent Lex Autolease convertible sales at Bristol and Bruntingthorpe, which is reflected in the increasing values and overall performance.'
The increases in values do vary within each vehicle sector. In the Small Hatchback sector (16% of all convertibles sold) average values increased by 68% and CAP Clean performance improved from 93.2% in January to 106.8% in April. The average values in the Medium Family sector (20% of all convertibles sold) increased by 69% and CAP Clean performance moved from 91.1% to 102.2%. Meanwhile in the Compact Executive sector (18% of all convertibles sold) average values increased by 58% and CAP Clean performance increased from 96.1% to 103.7%. Finally in the Coupe/Sports Car (41% of all convertibles sold) average values increased by 12.8% and CAP Clean achieved improved from 95.3% to 101.3%.