Auction Car Sales Healthier Than Ever
Further drops in the production and sales of new cars are being reported all over the news, but the same is not so true for second hand cars . Some of the biggest names in the industry report healthy figures.
There is no dispute that the new car market is in real trouble. Redundancies have been announced at 70% of the major car manufactures as the supply and demand cycle grinds to a crawl. Bentley have also announced redundancies last month, highlighting that the crunch is hitting the luxury market also. Official figures show a 30.9% reduction in new car registrations in January as compared to the year previous according to the Society of Motor Manufactures. This drop is said to be the largest of its kind for over 30 years and the direction shows no signs of changing soon. Many of the industry analysts predict that the market won’t really pick up for at least 3 years.
The market for second hand car s have not been hit so hard, in fact there have been suggestions that numbers are healthy. Two of the countries most well know auction houses, Manheim and BCA have come forward to state that they have seem some record numbers of cars being put up for bidding. BCA reports that vehicle prices have risen now for 3 months in a row, and yet more vans and cars were sold this January than in any previous year. They estimate an average of rise of £300 on last year.
Van leasing and car leasing is also on the up it seems as the major leasers are reporting improving numbers this year. This is undoubtedly down to more people choosing to lease their cars and van rather than buying them outright during this recession. Out of all the countries in the UK car leasing in Cardiff has seen the biggest boost.
The other big player, Manheim, reported that average wholesale van prices went up by £140, the first increase since September of last year. The has been an increase in sales of four wheel drive cars for the sixth month running, which brands like Audi being top of the pack.
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