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Used car values continue to grow

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Continuing a recent trend of positive change, the average price of used cars sold at auction has increased for the tenth month in a row.

British Car Auctions (BCA) say average values went up by £1,458 in August - a 3 per cent rise on the average price in July.

The fleet and lease sector also rose between July and August, with an average increase of £200 being reported.

More good news was reported in the nearly-new sector, with average values rising by £543 in a month to £17,670. Average prices were 104 per cent of those predicted.

BCA's Communications Director Tony Gannon said; "Demand continues to be strong and values have risen by £373 over the rolling three-months - despite this covering the summer holiday period where values have traditionally softened in recent years.

As with last month, stock levels remain relatively low, and this certainly has had an effect when combined with the continuing demand. The vast majority of vehicles being offered are sold first time and conversion rates remain exceptionally high."

© Press Association 2009