Fleet values fall again in latest Manheim Remarketing data
The firm's latest data shows a 2.3% (£134) reduction in fleet values to £5,791.
Manheim Remarketing also reports that average wholesale used car values fell by 3.3% (£234) to £6,783 in August, after the period of relative stability in June and July. Overall average vehicle age has remained static but mileage has increased by 1,348 to an average 52,331 miles, which is the highest monthly value reported in Market Analysis over the last two years.
There has been a significant drop in overall average used car values since August 2009, with prices now down by 8.2% (£607). The sharpest decline is in the Fleet sector, with values down by 13.5% (£900) on this time last year, although both average age (by two months) and average mileage (by 3,166) increased over the period.
Mike Pilkington, managing director, Manheim Remarketing said: 'With additional economic pressures to run fleet vehicles on longer contracts, it is inevitable that older vehicles with higher mileages will come through the auction halls. Although Fleet values have fallen there has been some stock clearance activity going on, with August prices also reflecting the seasonal lull.'For more of the latest industry news, click here.