General motoring News Insurance
Used cars 'performing well in July'
7th August 2009
Car insurance customers have learned that average used car values rose another three per cent in July according to figures from British Car Auctions (BCA).
BCA's Pulse Report marks the ninth month of increases in auction values, with the average vehicle fetching £6,028 in July – breaking the £6,000 barrier for the first time on record.
Tony Gannon, communications director at the BCA, said the figures provide proof that average values are "kicking on" following a lull in the previous months.
"Values have risen by nearly £400 over the rolling three-month period despite the market now entering a period where values have traditionally softened over the summer holidays," he commented.
However, while values for volume and premium cars continued to improve, fleet and lease budget prices faced continued pressure, showing the weakest growth and poorest performance.
BCA reported recently that used car dealers lost £1.7 billion in revenues in 2008 as 360,000 fewer used cars were sold compared to the previous year.
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