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Used car values hit record high in November

Date: 08 December 2015   |   Author: Daniel Puddicombe

The headline value for used cars sold at auction reached record levels in November, the monthly BCA Pulse report has revealed.

According to the remarketing giant, the average value of a used car sold at auction hit £8126 in Novembr, a £134 increase over October's figures, while year-on-year values were up by £51.

Ex-fleet and lease car values averaged £9778 last month, a fall of £70 compared with October, but is still the second highest value recorded since the Pulse report began, while year-on-year values were ahead by £145. Meanwhile, nearly new values fell by £373 to £21,403 compared to October's figures.

"While average values remain exceptionally strong, this reflects 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 the same sort of attention," said Simon Henstock, BCA's UK operations director.

He added: "It is important that the less desirable cars are properly appraised and valued in line with market sentiment, otherwise there is a risk they will remain unsold, putting pressure on conversion rates."