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The report shows that the average sale price in July decreased by £140 on the June 2015 figure from £5,498 to £5,358. This was also the case for the year-on-year value with July 2015 decreasing by -4.2% on the July 2014 average sale price of £5,595.
Sales volumes for July 2015 were up by 4.2% in comparison to the June 2015 figure. In terms of a year-on-year comparison, vehicle auction sales were also up by 12.2% from 101,190 in July 2014 to 113,553 in July selling 12,363 more vehicles in June 2015.
The percentage of vehicles sold first time in July increased from 73% in June 2015 to 80% in July 2015. In comparison to July 2014, this was also up by 1% from 79% in July 2014.
The price premium for vehicles sold first time was up by £75 to £350, and the average days on site decreased to 8.1 days.
Sale Price by Age Profile in July 2015 compared to July 2014
|Late & Low||£14,550||£14,525||+0.2%|
Whilst sale prices by age profile increased compared to the equivalent month in 2014, they declined in all categories compared to June 2015, in line with higher numbers of vehicles available for sale in the wholesale market.
Paul Hill, NAMA Chairman comments, “At the wholesale level the conversion rates improved despite increased volumes in the auction halls. Prices were under pressure in line with the wholesale volume increases in the market and the outlook for the September plate change – the last significant registration period for 2015.
“Dealers and leasing vendors recognised that over age, part exchange and end of contract stock needs to be sold in preparation for new stock arriving in September.
“Significant numbers in July of PX Old and Budget Vehicles will have an adverse effect on prices going forward, despite the currently buoyant used retail market. The European markets, whilst showing growth, are still working from a low base and are not registering the numbers to take the volume pressure off the UK market. Incentives through August, September and into Q4 will keep the pressure on new vehicle registrations including pre-registration activity.
“Many of the larger dealers are currently satisfying the demand for used vehicle stock through pre-registration activity, and PCP returns generated from early renewal activity and customer retention campaigns. This inevitably will lead to the wholesale market weakening and will be further compounded as the market runs toward the calendar year end, with many businesses looking to reduce stock over the holiday period as well as their financial year end. Vendors remarketing partners will have to again guide and advise on market conditions to achieve best results.”