October used-car wholesale values fall in Fleet sector, 4×4 values remain strong
Overall average wholesale values in October increased by just 0.8% (£58) to £6,970, Dealer part exchange values were up 2.6% (£59) to £2,348 while Manufacturer stock values increased by 5.4% (£661) to £12,937 despite an increase in average age and mileage.
Notable falls in average values for the Fleet sector in October include Small Hatchbacks down 4.7% (£211) to £4,292, Medium Family down 3.8% (£210) to £5,360, Large Family down 2.2% (£106) to £4,795 and Compact Executive down 7.6% (£652) to £7,927.
4×4 values increased across all three sectors: the Fleet sector was up by 5.4% (£627) to £12,293, Dealer part exchanges were by 19.4% (£913) to £5,610 and Manufacturer stock 4x4s increased by 1.2% (£244) to £19,907. Other notable increases in average values in October include Dealer part exchange Superminis, up 7.1% (£102) to £1,528 and Large Family up by 3.5% (£59) to £1,759. Meanwhile Manufacturer stock Superminis were up by 2.3% (£121) to £5,440 and Executive up by 6.8% (£1,496) to £23,354.
Mike Pilkington, managing director, Manheim Remarketing said: ‘Despite the uncertain economic outlook prices did not fall as dramatically as had been anticipated after the strong performance in September. Buyers were still around in numbers and as our Colchester Lex Autolease 1,100 vehicle auction showed appetites remained healthy even towards the end of the month. Having said this, values have had to settle to more realistic levels and as is typical for the time of year vehicles requiring an element of refurbishment to bring them up to retail standard are becoming less desirable.
‘Meanwhile the 4×4 market continues to go from strength to strength with some very strong values being achieved which is of no surprise after the last two winters. The outlook remains in the balance with the supply and demand equation undoubtedly entering a crucial point in the year. Although the strength of the November market will in part be driven by the retail demand leading up to the Christmas holiday period it is also clear that some buyers are stocking up early for the New Year to avoid the seasonal Q1 price uplift and because of fears of stock shortages.’For more of the latest industry news, click here.