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Record used fleet and lease values in November

Date: 10 December 2014   |   Author:

Average used values for fleet and lease cars reached a record breaking high in November at £9,633, a rise of £100 or 1.04% compared to October.

According to the latest figures from BCA's Pulse the increase is the highest monthly average value since the remarketing firm start reporting its Pulse data in 2005.

The headline average value of a used car increased for the second month running, rising by £327 (4.2%) to £8,075, with performance against CAP Clean averaging 95.2%.  November's average value beat the previous highest, recorded in August of this year.

Year-on-year values remained ahead by £586, equivalent to a 7.8% uplift, with both average age and mileage continuing to decline. CAP Clean performance was down by more than a point, year-on-year.  Every month in 2014 has recorded a significantly higher average value compared to the same month in 2013.

Simon Henstock, BCA's UK operations director, said: "What we are seeing is the development of a two-tier market, where the best vehicles sell quickly for often exceptional values, while the less attractive or over-valued cars struggle to attract bids.

"If less desirable cars in unattractive colours, with a poor specification and needing paint and refurbishment are overvalued, there is every chance they will remain unsold, putting pressure on conversion rates.  Volume sellers particularly need to pay attention to this and reappraise and revalue any vehicles that are proving difficult to remarket."