Wholesale used car prices soften in April, reports Manheim Remarketing
Notable examples of decreases in average values in April in the Fleet sector include Large Family down 2.7% (£135) to £4,912, Executive down 9.3% (£977) to £9,524 and 4x4s down 2.9% (£378) to £12,623.
Examples of increases in values for the Fleet sector in April include Superminis up 8.5% (£318) to £4,074 and MPVs up 7.2% (£506) to £7,488, both due to a significant reduction in average age.
Overall average wholesale used car values fell by 1.1% (£76) to £7,019 in April following three consecutive months of increases.
Mike Pilkington, managing director, Manheim Remarketing, said: 'As predicted, values did come under pressure in April because of an increase in supply and a softening of retail demand. Increased supply came from the influx of March part exchanges and increased levels of end-of-contract and extended contract fleet and lease vehicles. This situation was anticipated and vendors who correctly assessed the market and adjusted their values and reserves accordingly attracted strong bidding.
'Retail demand did ease through the course of April, especially towards the end of the month during the extended holiday period. However trade and retail demand has been more positive in the past few days and the volume outlook from a disposal perspective looks more healthy as we move towards June.'For more of the latest industry news, click here.