Leading vehicle auction company reports that predictions of a hot summer could keep convertibles hot too!
The latest data from leading vehicle auction company, British Car Auctions (BCA) shows that whilst consumer confidence might be lacking in other sectors of the consumer marketplace, there is genuine demand for soft tops, with prices achieved at auction steadily edging up over the last couple of months.
“The UK weather is probably the biggest single factor in determining convertible values” confirmed Tim Naylor, PR Manager, BCA. “And as we head into June we are certainly seeing prices of these desirable vehicles move well above average for used car prices and bucking the overall economic trends.”
Looking at the monthly price progression of convertibles, compared to the total average price achieved at BCA, it is clear that the underlying economic conditions are not the main price moderator. Temperature is much more the driver with higher values for convertibles focused in the first half of the year.
Overlaying the average UK temperature against average monthly prices for convertibles creates a not dissimilar wave shape, with not surprisingly, rising convertible prices slightly preceding the temperature rise. However, Tim Naylor is wondering if the Met Office’s predictions for a good summer might sustain demand, with prices staying higher in June and July than has been the case in previous years.
“Now with the Met Office sticking its neck out and predicting above average temperatures for this summer, this could prompt more soft top buyers to the auctions. So there’s really no time to waste for anyone who wants to make the most of the sunshine.