Average used car and LCV values up

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The latest Pulse Report from British Car Auctions (BCA) shows that average used car values are up by 8.6% year-on-year despite the average used car being older and having a slightly higher mileage. Values were up 2.6% in October 2012 versus September 2012, too, and the average used car price of £6481 is the highest since BCA started its Pulse Report.

Fleet and lease car values were up in October too, but not significantly – the average value was up by £37 compared to September 2012. Nonetheless this was enough to create a record average value of £8,376. Part exchange values were up by more or less the same amount, too – up £38 over September 2012.

The average used car mileage in October 2012 was 58,703 miles versus 57,342 in October 2011, and the average age of a used car was 62.2 months, up from 59.7 months in September 2011.

Used LCV prices were up 3.3% year-on-year in October 2012, and up 5.2% over September 2012, pushing the average used van value up to £4447. That’s £144 more than October 2011 despite the average age and mileage of used vans increasing.

The average used van auctioned in October 2012 had 79,452 miles on the clock and was 58 months old, up from 77,382 miles and 56.7 months in October 2011. Demand is strong across the board and values across fleet and lease were up by 3.2%, while part exchange values were high, up 6.2% year on year.

Duncan Ward BCA’s General Manager – Commercial Vehicles commented “Buyers will compete strongly for any vehicle with an unusual specification or modification such as crew cab vans, cherry pickers, tippers and dropsides and we are now seeing the upswing in demand for LWB panel vans, Lutons  and fridge vans ahead of the Christmas period.”