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Average car values rose last month

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Average car values saw a marginal rise last month to reach their highest levels since December 2009, new figures have shown.

The latest Pulse report from BCA found that across-the-board values rose month-on-month in February by just £11 to £5,985.

However, findings revealed that fleet and lease values dropped on average by 2.4%, or £186, to £7,553 and the part-exchange sector recorded a decline of 1.3%, or £39.

CAP performance for fleet cars fell by just under a point to 97.7% in the month, while year-on-year values for the vehicles in February rose by 2.5%, or £189.

Model mix is being blamed for the fall in fleet values as a lower percentage of higher value premium cars sold last month compared to the January figure.

The more volatile nearly-new sector saw a sharp rise of 12.5%, or more than £2,200, in values to £19,827 largely due to a richer model mix - highlighting that new owners will be looking for competitive car insurance quotes to compensate for the rise.

Proportion of higher-value premium cars sold rose by nearly 20%, while the number of volume models sold dropped by around 8%.

© Press Association 2011