March was set to be another strong month for motor auctions, with over 80% of members expecting volumes to remain stable or increase.
Findings showed that a number of auction houses expected to see petrol car values remain strong, with only 10% of respondents expecting a decrease in prices. For diesel cars, almost 80% of auctions generally expected values to remain constant, and there was some indication that values would continue to increase for hybrid and battery electric vehicles as predicted in last month’s survey.
Average age and mileage looked set to remain steady over March, although over 30% of respondents indicated that both could increase. More than half of respondents also expected first time conversion rates to increase.
When asked about vans and looking at the difference in values between Euro 6 and pre-Euro 6 vehicles, there was an indication that pre-Euro 6 vehicles would be impacted by clean
air zones (CAZs) and an expectation this could impact their resale values. Results appeared to show that pre-Euro 6 vehicles were unlikely to lose value in the current market, perhaps because demand remained strong in areas not impacted by CAZs.
NAMA is optimistic that demand and prices in the used car market will remain stable and the first quarter of 2019 will mark another successful year for the auction sector.
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