The latest British Car Auctions (BCA) Pulse report for February shows that average used car values have risen for the fourth month running. February 2009 posted a GBP435 rise against January (up 8.4%), which was itself GBP300 up on December’s figures.
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While average monthly figures remain behind those recorded in 2008, the difference is narrowing – February 09 was just GBP282 adrift of February 08, while in January the gap was over GBP650.
Stock from all sources has been even more limited in February than it was in January. The continued high demand from professional sellers combined with the relative dearth of stock has kept sale conversions high – averaging over 90% at BCA in February – and values firm, BCA said.
BCA Communications Director Tony Gannon commented: “There is now little doubt that used values are making a seasonal but possibly significant recovery from the low points of last year. While a seasonal uplift in January and February has been commonplace in recent years, the strength of this has come as something of a surprise in 2009 considering the continuing economic conditions – much as it did in 2008, in fact. Possibly the market is experiencing some deferred demand from last year, as potential buyers held back from any big-ticket purchases as the economic turmoil became apparent.”
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By GlobalData
