Fleet/lease values remain at record levels, reports BCA
The data shows that the headline average value of a used car in April fell by £69 to £7,803 in May, with performance against CAP Clean almost static. Year-on-year, values were up by £206, a 2.7% rise with average mileage falling and age static over the year. Performance against CAP Clean was little changed over the year.
Fleet & lease cars averaged £9,719 in May, rising by just £19 compared to April, but establishing a new record monthly average value. Retained value against original MRP (Manufacturers Retail Price) fell by half a point to 41.95% over the month, with age and mileage broadly static. Average values were up by £182 (1.9%) compared to May 2014, with performance against CAP Clean up by half a point and retained value down on 2014 by half a point.
Simon Henstock, BCA’s UK operations director, added: "The market remains short of good retail-quality stock and it is noticeable how the best grade and specification cars in attractive colours often outperform the rest of the market by some margin.”
“We continue to see plenty of vehicles in poor condition and at above average mileage, however, and sellers should look closely at appraisal reports and condition ratings when setting reserve prices. These vehicles must be valued competitively and in line with condition in order to attract buyers and sell first time.”
Henstock added: “It is worth investing in pre-sale SMART repairs for vehicles that have sustained minor cosmetic damage, particularly for otherwise high-demand, well-specified examples that have picked up the odd car park dent or bumper scuff during their working life.”