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It has been reported in the most recent BCA Pulse Report that the average value of used cars has risen by almost 4 per cent in November in comparison to October. The result is down to a well-balanced supply and demand reports BCA.
On average, the value of second-hand models has risen by £238 (3.9 per cent) to £6,201 which is the second highest value on record since the market fully recovered in 2009 from its economic downturn.
The BCA has cited that the majority of the increase was within the part-exchange sector where the values of used cars increased by more than 4 per cent to reach a record monthly average figure of£2,877.
Values of fleet and lease cars have also enjoyed success last month with an increase of 1.4 per cent, whilst nearly-new cars have dropped in value to 4.1 per cent.
Reasons for the rise in the value of used cars could be down to the period of economic uncertainty that motorists are currently facing. With fuel prices continuing to rise, people are finding it harder to run more expensive cars, and are turning to cheaper second-hand alternatives to enable them to get form a to b for a reasonable cost. As demand for used cars increases, people become more willing to pay a premium to get one, providing it will save cash in the future when it comes to running costs.
Some of the most popular used cars currently in demand by buyers are the small city cars and supermini cars. Both cars appeal to those with an average sized family or business executives who need to buy something for the daily commute, but do not need or want anything too flashy which will cost them money at the pump.
As a result, in November 2011, used car values were £409 (7 per cent) ahead of the same month in 2010, and £298 (5 per cent) ahead of the figure recorded two years ago.
“November provided a relatively strong performance, with a good balance between supply and demand leading to improved used car values in the bigger volume sectors of dealer part-exchange and fleet/lease. While there was a fall in the average value of nearly-new cars this was entirely the result of model mix, as supply remains short in the wholesale arena,” said BCA’s communications director Tony Gannon.