Volumes of pre-registered cars in the used car market more than doubled in the lead up to the plate change in March. The number of sub-one year old cars in the market rose 104% from 15,349 in December 2014 to 31,246 in March 2015, according to data from Glass’s Radar. Overall, Glass’s has tabled in a 3% decline in used car values in the June issue of its guide.
The ongoing decline in values reflects the higher volumes of used cars in the market place as the record number of new car registrations pushes more trade-ins and older cars into the market. “Once again we have seen prices fall during the month of May as de-fleet volumes and part exchanges in the wholesale market have increased.
“The record new car registrations and increased de-fleet activity will continue to push more vehicles into the wholesale market at a level greater than in the same period last year,” said Glass’s head of valuations Rupert Pontin. Pontin said some dealer groups were finding it challenging to find space for the additional older vehicles.
Auction centres are reporting higher levels of available stock and inventory with larger sales entries in some parts of the country and some vendors adding additional sales to their weekly sales program. Buyers are seen to be a little more selective when bidding and are buying on both condition and specification,” he said.
