Used car shortage sees market values spike
21 August 2012
Author: Jack Carfrae
Values of second-hand business vehicles are continuing to rocket as shortages take hold in the used car market.
According to auction firm BCA's latest Pulse report, the average price for a used car increased by 3.6% month-on-month in July, equating to an average rise per car of £216.
The year-on-year increase is even higher at 9.7%, which roughly tallies with rival auction house Manheim's announcement that used prices for fleet-sector models were up 9.8% year-on-year, as reported in BusinessCar's 24 July issue.
BCA also reported exceedingly strong values for fleet-and-lease sector used stock, which was up 15% year-on-year and at a new high of £8053 per car.
Despite stock shortages and the effects of fleets holding on to vehicles for longer, average age and mileage were down at 40.6 months and 48,221 miles.
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