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Ex-company car values drop 8.5% in April

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Author: | Updated: 14 May 2014 11:43

The value of defleeted company cars fell by 8.5% between March and April, according to Manheim.

The average final auction price of former fleet cars sold at Manheim Auctions dropped from £7,791 in March to £7,126, due to average mileages climbing 3192 from 58,838 to 62,030, and a four month rise in average age to 55 months.

Ex-lease and contract hire car values remain £280 higher (4.1%) than in April 2013.

Daren Wiseman, valuation services manager at Manheim Auctions, said the average selling price also softened slightly due to a greater number of cars coming through its auction halls in April.

Daren Wiseman, valuation services manager at Manheim Auctions

May recovery

He explained: “The increase in average age and mileage has obviously played a part, however the most important factor throughout the month has been the considerable influx of stock coming to auction post-plate change.

“There was an increase of more than 25% in the number of vehicles coming through the auction centres during April and this, coupled with the slight slowdown in retail demand throughout the month, has had an impact on values.”

Wiseman expects to see stronger resale values in May after revealing that the first week of May has already seen an upturn in average selling prices due to a reduction in the number of vehicles coming to auction.

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