Luxury cars pricing and used car sales helped to bolster the used car market which increased by a slight 0.1% in July, according to Motors.co.uk.
The online website recorded the change through its transactions throughout the month, with the average price of a used vehicle rising slightly to £12,472.
The wholesale market at Manheim’s auctions saw its average selling price drop by 3.4% month-on-month, but within that figure the luxury segment saw selling prices up by 6.5%.
A spokesman for Manheim said: “While the average wholesale selling price was largely affected by the 3.9% decrease in ex-fleet car values, which fell to £9,822, it was bolstered by a slight rise of 0.5% in the average selling prices for part-exchange stock, which rose to £3,529.”
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Used car sales using dealer finance leaped 22% in June 2014 according to the Finance and Leasing Association.
The FLA figures reveal over 850,000 new cars were bought using dealer finance during the first half of the year, and just under 1 million used cars, a year on year rise of 19%.
Dealer finance sales to consumers buying used cars in June increased 22%.
Geraldine Kilkelly, the head of statistics and chief economist at the FLA said, “The first half of 2014 has seen strong performances in both the consumer new and used car finance sectors. The last six months have also seen the FLA’s penetration rate maintained at around three quarters of all private new car sales in the UK which shows how popular point-of-sale credit is with new car buyers.”
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