Used car values look strong for 2014

THE VALUE OF USED cars is set to stay strong in 2014 following a rise in values this year, according to the latest analysis of the market.

The latest report by British Car Auctions shows that compared to last year, new-to-market car values are around 15% higher than this time last year while older part-exchange cars are as much as 20% higher than a year ago.

Simon Henstock, BCA’s UK Operations Director commented “We have seen an upturn in the supply of dealer part-exchanges in 2013, reflecting reports that retail sales have been strong. However, supplies of fleet & lease vehicles remain constrained, a consequence of the reduced new car sales to the business sector following the onset of the financial crisis in 2008.”

The report also indicates that although new car sales have been strong this year it will be three to five years before those vehicles reach the used marketplace, and so the number of cars of that age will remain restricted, keeping values relatively high.

By Press Association reporters