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The National Association of Motor Auctions (NAMA) published its monthly market report this week for March.
The report shows that during March, the average value of used cars sold at auction across the board decreased 3.4% from £5,422 to £5,259.
March volumes were almost 10% above those for February with increases across all age profiles, but most notably in PX and Budget as a consequence of the plate change.
First time conversion rates held steady from February, as declines in PX Profile and Budget vehicles were offset by increases for younger vehicles. The fleet profile was the best first-time converting segment at 88.5%.
The premium of first time sold vehicles over those sold at second/subsequent entry rose 8% to £350 in line with the plate change and relative increase in supply, giving buyers more choice. Days on site continued to fall and now stand at an all-time low of 6.8 days.
Price changes in March compared to February, by customer type
|Late & Low||£14,475||£14,725||2%|
NOTES: Late&Low are cars from: 0 – 2.5 Years
Fleet are cars from: 2.6–4.5 Years PX (young) are cars from: 4.6–6.5 Years
PX (Old) are cars from: 6.6–10.5 Years Budget:>10.5 Years
Throughout March average values for younger (Late & Low, Fleet profile) vehicles rose versus February despite volume increases. A decline in the average value of older vehicles, in part due to a surge in their volumes as a consequence of the plate change, also contributed to a decline in the overall average value. Average age increased by one month in each age segment from February and mileage decreased for all age profiles from February except for Late & Low, where the figure increased by over 3%.
Craig Mailey, NAMA Data Group Chairman Comments, “The market in April has continued to show a good degree of positive retail activity in both the new and the used market so far. High new car registration figures recorded for March seem to have had little influence on used car sales volumes which is encouraging as often the focus is so clearly on new cars that used car figures drop significantly.
“With so many used car contacts reporting such strong start to the month, the focus is right back to trying to find used car stock. Despite strong new car sales and resulting volume of part exchanges, independent dealers are still finding it difficult to find the right cars for them and this is evident in prices achieved for low mileage vehicles in good condition both at the block and in the trade as a whole.
“The outlook for the remainder of the month remains uncertain as is normal for this time of year. With Easter approaching and reasonably good weather expected, there is a concern in the trade that sales may experience a downturn as people take time with their families or seek to enjoy other retail opportunities.
“However, it is certain that values are not likely to see too many major downward movements in the coming weeks. Even if Retail activity diminishes, buyers still need to bring stock levels back in line so demand will challenge supply for some weeks to come”.
For a full copy of the report please contact email@example.com