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The report shows that during May the average value of used cars sold at auction across the board rose 5.2% from £5,153 to £5,420.
Overall volumes were down – 5% compared to April, despite the same number of working days and volume declines were seen primarily in older profile cars (>4.5 years old).
In line with seasonal expectations, first time conversion rates continued their downward trend from 75% to 73% as a greater proportion of younger (<6.5 years old) cars failed to sell first time. However, conversions for older cars (>6.5 years old) improved, supported by falling volumes.
Price changes in May compared to April, by age profile
|Late & Low||£14,900||£14,725||-1%|
Despite rising average age and mileage, average values for the older (>4.5 years old) age profiles were significantly low, supported by falling volumes. By contrast, average values for younger (Late & Low, Fleet) profile cars came under pressure despite further falls to first time conversion rates.
Paul Hill, NAMA Chairman Comments, “New car sales continue at unprecedented levels for the time being pushed further and faster by the manufacturers eager to keep new car stock levels across Europe at a manageable level. However, in recent weeks the used car market has shown a slight fluctuation with a drop in retail interest that appears to have coincided with both the bank holiday weekends and the improvement in the weather.
“The sub £5k market remains specifically strong and there is good demand for smaller cars that give the lower running costs that help keep monthly household costs at an acceptable level. Equally there is specific strength in the specialist market over and above £15k where buyers are looking for second cars or something a little different. Weakness lies in the late plate low mileage sector which is still being affected by the fantastic offers on new cars that draw buyers away from used examples.
“The latter part of June may see a mild drop in Retail activity and this will be as a direct result of the World Cup. Previous major sporting events of this type have tended to have an adverse impact on used car sales as the nation rallies to support their team of choice although demand tends to return to previous levels following the event. There is also a high chance of pent up demand in the following weeks which may result in a spike in values”.