Robust wholesale and rising retail car markets recorded in May
The wholesale and retail car markets showed real strength in May, according to data from Manheim and Motors.co.uk, both Cox Automotive brands.
The overall average selling price for cars at Manheim’s auctions in May held firm compared to the previous month, with a marginal drop of just 0.2% (£8) to a figure of £5,278. Motors.co.uk saw average selling prices for cars in the retail market increase by 5.9% (£700) to a figure of £12,623.
Within the wholesale market, there was strength in part-exchange stock, with average selling prices dropping just 0.9% (£32) from April to a figure of £3,543. For ex-fleet cars, there was a 4.9% (£469) fall in average selling prices in May, to a figure of £9,183.
While cars from volume brands saw average selling prices increase in the Manheim wholesale market in May, rising by 4.2% (£166) from April, there were increases across the board in the retail market, with data from Motors.co.uk showing a 3.3% (£322) rise in average selling price for volume brands, 8.6% (£1,704) increase for prestige marques, and a 5.4% (£3,170) lift for luxury cars.
The arrival of warmer and drier weather appears to have helped the market for drop-tops, with month-on-month average selling prices increasing for cabriolets and convertibles in the wholesale market by 4.2% (£243) and 0.9% (£73), respectively, and roadster prices holding firm. In the retail market, average selling prices were up from April by 1.9% (£252) for cabriolets, 8.6% (£1,472) for roadsters and 15.6% (£2,534) for convertibles.
Continuing a trend seen in April, there were further increases in average selling prices for electric cars recorded in May. Manheim saw prices increase by 15.5% (£1,054) compared to April, with Motors.co.uk reporting a rise of 10.7% (£1,452) in the retail market.
While dealers appear to have been more hesitant about diesel cars in the wholesale market, with average selling prices dropping slightly by 1.8% (£128), there was an increase in demand from consumers in the retail market, with average selling prices up 6.5% (£944) month-on-month.
Petrol cars showed strength in both the wholesale and retail markets, with data from Manheim showing a 2.0% (£69) increase in prices and Motors.co.uk reporting a 5.7% (£532) increase in average selling prices, compared to April.