First November rise in wholesale used car values for three years, reports Manheim
According to the firm's latest Market Analysis for Cars, values increased by 0.6% (£39) to £6,852 last month, following a rise of 1.1% (£77) in October.
Meanwhile, average Fleet values increased for the second month in a row by 1.7% (£100) to £6,136.
Examples of increases in values for Fleet include Medium Family vehicles up 2.4% (£126) to £5,424, Large Family up 4.7% (£219) to £4,853, Executives up 1.2% (£119) to £9,742, MPVs up 6,9% (£437) to £6,724 and 4x4s up 3.1% (£380) to £12,807.
Reductions in average values in the Fleet sector include Superminis down by 3.2% (£112) to £3,423, Small Hatchbacks down 1.7% (£72) to £4,070 and Mini MPVs down 1.8% (£89) to £4,741.
Despite November's increases in values, Manheim Remarketing said that it is important that fleets continue to set realistic reserves.
Mike Pilkington, managing director, commented: ‘Although the wholesale market has held up well compared with seasonal expectations in the last couple of months, we are now entering the toughest retail period of the year for used cars. As demand traditionally tails off, it is vital that vendors set realistic reserves as buyers become more selective with clean, low-mileage and well-specified vehicles attracting greatest interest. The inclement weather may result in a flurry of activity whenever a 4×4 appears in the auction lane and values may strengthen as a result.’