Fleet & Lease values on the up again
This halted a three-month reverse that had taken £825 off the average value. Performance against CAP Clean also improved, up for the second month running and rising by over a point to 96.64%.
Fleet & Lease year-on-year values remain ahead by £1,540 – a similar figure to that recorded in the previous two months.
However, overall, average used car values decreased in January, following an increase in December, although BCA says that once again this was largely due to a change in model mix.
The overall average value for cars sold in January was £5,939 – a month-on-month decrease of £249 (4.0%) compared to December's figure of £6,188. CAP performance improved by over one point from 96.11% in December to 97.39% in January.
With both the Fleet & Lease sectors and part-Exchange showing an uplift, BCA says that model-mix is therefore largely to blame for the drop in the overall average value, with fleet/lease volumes up nearly 17% and part-exchange numbers rising by a significant 45% compared to the much shorter trading month of December. In contrast, nearly-new volumes actually fell by 2.5% in January.
BCA's communications director Tony Gannon commented: 'The January uplift in the fleet/lease and part-exchange sectors suggests the market is aligned to more traditional patterns. The continued demand for lower cost motoring is also evident; with the biggest percentage rises seen in the fleet/lease and part-exchange budget sectors.'
Values remain well ahead year-on-year by £803 (a 15.6% increase), although this disparity is beginning to reduce as values are now being compared to the recovering marketplace of 12 months ago.For more of the latest industry news, click here.