Used car trade values more stable than last summer, says CAP
According to Black Book Live, the average reduction in values between July and August has only dropped around 1% this year at the three years and 60,000 mile benchmark compared to 1.6% for the same period last year.
Black Book Live reports that auction inventory has been kept high by large numbers of part-exchanges over recent months, together with increasing supply directly from manufacturers.
However, conversion rates of just under 70% were slightly stronger than during July last year and there have even been signs of increased buying activity for poorer condition cars than CAP saw during the past few months.
Late plate cars are now the most vulnerable to downward trade price pressure, according to Black Book Live senior editor, Derren Martin.
He said: ‘Prices of late plate cars do seem to be affected more than older offerings, and this is particularly noticeable in the City Car sector. This is a sector where new car PCP has been popular and these keen new car offers do seem to be impacting on used prices to a certain degree.
‘Other sectors are also affected, particularly when there are a high number of “delivery-mileage only” cars in the market. Over the last two months we have seen a noticeable increase in the number of cars under six months old being sold.’