Manheim reports 2.5% drop in fleet values for June
The firm’s latest Market Analysis for Cars reports that fleet values fell by 2.5% (£155) to £6,100 in June while overall average wholesale usecd ar values fell by 2.5% (£168) to £6,640 in June, the third consecutive month that a fall in values has been reported. When compared with June 2010, with average age up by just one month to 52 months and mileage up by 3,265 miles to 54,161 miles, average wholesale used car values are 4.8% (£338) lower.
Notable examples of decreases in average values in June in the Fleet sector include Small Hatchbacks down 1.5% (£66) to £4,276, Compact Executive down 7.9% (£683) to £7,984, Mini MPVs down 1.4% (£66) to £4,800 and 4x4s down 7.4% (£952) to £11,932.
Mike Pilkington, managing director, Manheim Remarketing, said: 'Pressure on values and conversion rates continued during June. This pressure is a culmination of sporadic retail demand driven by increasing economic uncertainty combined with healthy supply. This limited retail demand appears to be set to continue through the forthcoming summer break and we anticipate further pressure on values. Buyers are still out in numbers but they are increasingly looking to cherry pick the best vehicles to replenish stocking levels.'For more of the latest industry news, click here.