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Glass is pushing down the values of used cars by 3% for July as auction houses battle with higher volumes of stock. Glass’s chief car editor Steve Jackson said the wholesale market is still seeing higher levels of used vehicle stock than last year.
“Price pressure continues as we see more dealer over-age and part exchange stock available for sale.
“With more volume than in the same period in 2014 values for this edition of the data reflect the general position with movements in the region of 3% downwards for all sectors other than convertible and cabriolet models,” he said.
“At auction it is clear that part exchange, over-age and de-fleet vehicle are arriving on site in numbers.
“Some vendors still appear to be holding out for price and remarketing partners are continuing to have to work hard to clear the stock and keep those days to sale under control.
Jackson said buyers had more choice on what to buy and were increasing selective.
“Prices continue to trend downwards as can be seen from the tables below in line with the increased volumes of vehicles entering the wholesale market compared with the same period 2014.
“Again, this trend has not been limited to the mainstream market categories and also includes the premium market categories.
“Unlike last month we have also seen a price reduction in the convertible market compared with the same period 2014,” he added.
Source: Motor Trader