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Used car auction values 'fall'

Used car auction values 'fall' Image

The average value of cars sold at auction fell by around 6% in March, research has shown.

The National Association of Motor Auctions (NAMA) revealed that the average value of used cars sold at auction last month was £5,359, which is down from £5,013 in the previous month.

It is thought that the difference can be attributed to changes in the mix of vehicles being sold, with more dealer part exchange vehicles changing hands at auction.

This switch is believed to have a negative impact on the average price, while seasonal increases in transactional activity in the dealer part exchange sector is in line with normal seasonal shifts.

Vehicles across most age brackets saw declining values, but ones under 1.5 years old saw an increase.

Over the past 12 months vehicles of this age have steadily picked up in value and sales.

During March sales of cars in this bracket increased by 67% compared to the same month last year, now accounting for 6.6% of total car sales.

Andrew Hulme, NAMA chairman, explained that it is typical for key market factors to endure a slump at this time of year.

"Until there is a decrease in stock and an increase in retail demand and conversion rates, values are likely to continue to fall," he added.

published: 15/04/2013

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