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Manheim Confirms Fall in October Auction Prices

Mon, 09 Nov 2009

9th November 2009

Fall in car wholesale prices normal for this time of year, reports Manheim

Manheim’s latest Market Analysis for Cars reports that in October average wholesale values fell by 3.5% (£263) to £7,173. Significantly, this is only the second decrease since December 2008. Average values in the Fleet sector fell by 2.1% (£137) to £6,413, Manufacturer stock fell by 5.3% (£705) to £12,699 while Dealer part-exchange values fell by 2.4% (£58) to £2,355.

Within the Fleet sector, examples of notable decreases in average values include Small Hatchbacks, Medium Family and Compact Executive models which fell by 8.6% (£422 to £4,475), by 5.7% (£344 to £5,704) and by 8.1% (£725 to £8,236) respectively. In the Manufacturer sector Superminis fell by 9.0% (£537 to £5,453), Small Hatchbacks fell by 10.5% (£968 to £8,202) and Large Family models fell by 10.3% (£1,336 to £11,591). Meanwhile notable decreases in Dealer part-exchange values include Superminis which fell by 2.1% (£33 to £1,531), Compact Executive models which fell by 3.0% (£106 to £3,434) and Executive models down by 15.4% (£636 to £3,481)

Despite falling values in all three sectors in October there were some examples of increases, notably Large Family models in the Fleet sector which rose by 1.2% (£62 to £5,321), Coupe models in the Manufacturer sector which rose by 5.7% (£1,001 to £18,557) and 4x4s in the Dealer sector which rose by 5.0% (£233 to £4,865).

Mike Pilkington, Managing Director, Manheim Auctions & Remarketing said: “Although values have dropped slightly, average wholesale values are still 31.3% (£1,710) higher than 12 months ago. The average days in stock in all three sectors is either lower than or equal to September and in the Fleet sector the average days in stock at 12 days was five days lower in October 2009 compared with October 2008. These price movements are in line with seasonal norms and reflect the more cautious and selective approach to purchasing stock at this time of year. Although demand remains healthy, some vehicles are now struggling to find new homes; vendors need to be realistic about price expectations and consider once again investing in more vehicle preparation to present vehicles to buyers in the best possible manner.”

 

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