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The report shows that during November the average month-on-month value of used cars sold at auction across the board increased 9% from £5,263 to £5,736. This is also 6% higher than November 2013, and could indicate that there is more demand for late plate cars in the market.
Sales volumes for November 2014 were down by a significant 14% in comparison to the previous month – although a more reasonable 7% against November 2013. This reflects a marked slowdown in the market perhaps more pronounced than many expected.
The number of cars sold first time during November 2014 has dropped to 76% from 80% in October which continues the downward trend of the past three months. At 76% this figure is 3% lower than the 79% recorded during November 2013.
The price premium for vehicles sold first time round continued to drop in November 2014 moving down a further £50 to £175 from the £250 achieved in October 2014 and represents a 3% premium. This is also £25 less than November 2013. The average days on site increased to 9.1 days.
Sales Volumes by profile in November 2014 compared to October 2014
|Late & Low||9,063||10,278||13.4%|
There was a significant drop in sold volumes – indicative of the market at this time of year. The Late and Low sector also raises questions of what is actually driving increased sales volumes in this sector, and the overall variance in sales volume from November 2013 to November 2014 was a downward move of 14%.
Paul Hill, NAMA Chairman Comments, “Appreciating that the new car market continues to perform well as a direct result of the succession of retail PCP deals and deep rooted business demand, the used car market merely stabilised during the final weeks of November at a level that could only be described as acceptable.
“This rather dictatorial state of play will continue for the first couple of weeks of December as the vast majority of the UK focus on preparing for the Christmas and New Year period. However, retail activity will begin to pick up in the final weeks of the month ready for a big push over the New Year and into the first few days of January.