Used car values increase in November, says NAMA
17 December 2014
Author: Daniel Puddicombe
The average month-on-month value of used cars sold at auction has increased by 9% from £5263 to £5736 during November according to the National Association of Motor Auctions.
The body said this is 6% h igher than in November 2013, however sales for November 2014 were down by 14% compared to October 2014, and 7% down against November 2013.
The association said the number of cars sold first time during November 2014 dropped to 76% from 80% in October, compared to 79% recorded in November 2013.
Overall, fleet sales volumes were down from 22,493 to 21,122 - a drop of 6.1%.
"Appreciating that the new car market continues to perform well as a direct result of the succession of retail PCP deals and deep rooted business demand, the used car market merely stabilised during the final weeks of November at a level that could only be described as acceptable," said Paul Hill, NAMA chairman.
"This rather dictatorial state of play will continue for the first couple of weeks of December as the vast majority of the UK focus on preparing for the Christmas and New Year period. However, retail activity will begin to pick up in the final weeks of the month ready for a big push over the New Year and into the first few days of January," said Hill.