Archive for the ‘BCA’ tag
Auction Houses Report Record Car Sales
As the new car market plummets to another all time low, there is better news in the second hand vehicle arena as auction houses are starting to see climbing figures.
No one can argue that there is trouble in the new car market. Redundancies have been announced at 70% of the major car manufactures as the supply and demand cycle grinds to a crawl. The luxury car market has also been hit, with Bentley announcing job losses last month. Official figures show a 30.9% fall in new car registrations in January as compared to the previous year 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. 3 years is the predicted length for the slump in car sales according to many industry analysts.
Whilst new purchases are suffering, the same cannot be said for those in the used car market. BCA and Manheim have announced that they have seen record numbers of vehicles come through their books over the previous weeks. BCA stated that more vans and cars were sold in Jan 2009 than any previous year and prices of vehicles have been on the rise for the last three months. An average of £300 increase on the previous years levels have been the estimated figure.
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.
Wholesale van prices increased by around £140 according to the other big name in the auction industry – Manheim. The increase marks the first upturn since last year’s September. 4 wheel drive cars have seen the steadiest increases with numbers improving six months in a row.