The average value of a used car has risen to a record price of £8,126, according to British Car Auctions (BCA).
The group said the November average price, which was £134 more than in October, was pushed up by the greater volume of performance fleet and lease cars sold last month. On a yearly basis, average values increased by £51, helped by a lower mileage and age of the vehicles being sold.
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Although the new figures showed that fleet and lease car values were slightly down on October’s record levels, the strong demand for them is continuing to drive the market. The average price of a fleet vehicle sold by BCA in
November stood at £9,778, a drop of £70 on the previous month, but the value was up by £145 year on year.
Simon Henstock, BCA’s UK operations director, said: “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.
“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.”