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The report shows that during January, the average value of used cars sold at auction across the board increased 2% from £5,534 to £5,426.
January got off to a strong start in volume terms as traders returned after the festive season, with a total of 113,646 units traded through NAMA member auctions, a 16.5% improvement on January 2013 and 18.3% ahead on a seasonally-adjusted basis.
Late & Low and both PX age segments showed the greatest volume improvement from December to January, although trends over the last twelve months suggest recent volume growth has been driven by older age segments, Budget and PX (Old). Days on site increased from 8.8 to 11.0 days – partly due to vehicles from December being held over to take advantage of the January market.
The typical premium of a vehicle sold first time versus a sale from a subsequent entry rose slightly to £350, or 7% on average as buyers were furnished with greater choice from increased volumes.
Price changes January compared to December, by age profile
|Late & Low||£15,650||£14,250||-9%|
Average age increased from December 2013 to January 2014 across all categories although mileage was mixed, with younger PX and Budget profile vehicles decreasing.
Despite this, the percentage of original cost new vehicles achieved by age segment increased, except for Late & Low cars, which fell back 0.5%.
Retail demand in January and continuing into the first week of February was a little slower than in the previous weeks which many have put down to a blip in activity driven by the arrival of credit card bills from the festive period. This has resulted in many potential customers having to direct money away from Retail purchases to satisfy previous commitments.
Craig Mailey, NAMA Data Group Chairman Comments, “The forecast for February is looking fairly encouraging with retail demand expected to return to previous levels. Trade demand has remained constant with most wholesale routes reporting stock shortages, these are expected to continue until at least the end of the month and quite possibly well into March.
“This will be exacerbated by the reduction in new car sales, always experienced at the tail of February, with customers holding delivery of their new car until the new plate is launched in March.
“Used values are therefore likely to remain fairly constant reflecting the current state of the market. We are also now heading to a point where Retail demand for convertibles will start to improve, although with the current state of the weather demand for 4×4 is unlikely to decrease”.