Stable would be the best adjective to describe the first half of August.
The data received is, in the main, much as the seasonal market would usually dictate with little cause for concern over any potential significant shift in prices as the month continues. Despite the fair weather, the convertible sector continues to soften with buyers showing caution not to be overstocked at the end of the season. Black Book Live has reported an overall downward move of 0.7% at 3 years 60,000 miles so far and the expectation is that we will see a little more erosion take place over the next few weeks, with a number of vendors looking to balance stock levels before September de-fleets arrive.
One potential cause for concern remains new car order take through August. Early reports across a number of franchises show a sales rate not in line with target expectations as we approach the critical end of quarter marketing plan and 66 registration plate. Some retailers will be faced with the difficult decision whether to self-register vehicles in order to achieve volume bonus targets or to step back and accept the consequences from the manufacturers. Only time will tell the full scale of the issue but it does appear that the new car market is likely to be forced in September.
Black Book Live will continue to report market movements on a daily basis.
