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The report shows that during December, the average value of used cars sold at auction across the board increased 10.4% from £5,413 to £5,975, as the average age and mileage of stock sold improved slightly. In particular, the percentage of sub-2.5-year-old vehicles grew at the expense of older stock.
Total transactional activity decreased in December across the trade market, undoubtedly impacted by the festive season. All segments fell in sales volumes in absolute terms. However, in relative terms the decline in volume resulted in more younger vehicles being available proportionally, which consequently had a positive impact on average prices.
Average conversion rate increased slightly to c. 75% versus November and was flat compared to December 2012. With the exception of ‘Late & Low’ which declined 2%, all categories posted at least a 1% increase whilst the older segments of the market increasing by at least 5%.
Price changes December compared to November, by customer type
|Late & Low||£14,475||£16,475||14%|
For all categories in December, stock had relatively static average mileage and age when compared to the previous month. Though mileage for Fleet and Late & Low profile vehicles increased by 6.3% and decreased 7.5% respectively.
The dramatic fall in 0 to 0.5 year-old vehicle price did not significantly impact on the overall Late & Low grouping as due to the small number of vehicles the youngest age bracket represents, the weighted impact on average price was £200 which, versus the performance of the other age bracket up to 2.5 years did not result in an actual decline in average price.
4×4 and convertible prices during the last 3 months
|Premium 4×4 SUV||22175||22575||22600|
|4×4 Lifestyle Cars||10525||10300||10675|
|Prem Upper Medium Convertibles||11250||10525||10550|
|General Market Convertibles||6150||6450||6175|
The above shows the last 3 months’ prices for Fleet age profile cars (2.6 – 4.5 years). Premium SUVs and Lifestyle 4x4s are continuing their climb in price. As the winter season has arrived and the adverse condition will facilitate some floating buyers’ decision to purchase.
By contrast, prices for general market convertibles have fallen whilst the premium upper medium convertibles have remained largely static in price.
Justin Lane, NAMA Chairman Comments, “As anticipated retail demand in December was slow with buyers returning to the market in the final days running up to Christmas. Many dealers also reported frantic activity in the period leading up to the end of the holiday break at the end of the first week of January. From this point a strong level of Retail demand is expected to last through until the end of the month giving a good start to the year for used car sales.
“However, the negative side is the supply of cars which has been at a reduced level due to the shut down during the festive period. Many of the wholesale channels were closed and contract hire and leasing defleet operations were suspended for the holidays. The result has been a shortage of stock and the subsequent scramble for cars to replace those sold in the New Year period has meant values have been inflated for a short time. As volumes from trade sources settle into their normal rhythm the values are likely to settle and the balance of supply and demand will return to something closer to the usual status quo.
“Demand for 4×4 and crossover SUV product is likely to remain strong during the month as a result of adverse weather conditions. What is already clear is that buyers are now in the market replacing vehicles damaged by flooding and this will help ensure both Trade and Retail demand remains good throughout the month and into February”.