Rise in the number of car valuations for second hand cars sought

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iCarValuation.com reports an increase in the number of requests for second hand car valuations during the first two weeks of October 2012

selling a car
The massive increase along with the continued growth of the number of car valuations which are being requested is indicating that the second hand cars market is picking up at the minute

An evaluation of the number of car valuation enquiries which were made between 1st and 15th October 2012 on iCarValuation.com was made and then compared to the number of enquiries which were made during the 1st and 15th September and then again during 1st and 15th August.
Between August and September 2012 there was a 25% increase in the number of enquiries made, this was followed by the further 30% growth which was witnessed between September 2012 and October 2012.
During September new 62 plate cars were released and typically this means more second hand cars are available on the market as more people turn to selling a car and replace it with the a new model. As a result the increase of car valuation enquiries between August and September could be somewhat attributed to this external factors such as it being a peak month for car sales and the increase was simply just expected.
However, the continued increase between September 2012 and October 2012 shows that still more and more people are turning towards resources such as iCarValuation.com in order to correctly, efficiently and quickly identify the value of a car they are looking to buy or sell.
When looking into the last 100 valuations that were requested during each time frame the data showed that the number of cars which were registered in 2003 formed the majority of searches made. 40% in fact, with the closest year of registration behind this being 2005. Some of the most popular car types which were searched for included Vauxhalls and Toyotas and the small cars in their collection such as the Corsa and the Yaris. This shows that many are looking for budget friendly cars and the market for such cars is particularly active right now. Closely following this was however requests for valuations of more premium cars less than two years old such as Mercedes and Audi suggesting that the two active markets for cars are the small and efficient budget friendly car and the luxurious, newer cars.
In response to the increased demand and interest in the service from iCarValuation.com over the last three months and as a whole there have been some significant changes to the service. Improvements in the speed of the whole car valuation site and process, particularly returning the results to the visitor and in addition there has been important improvements in the number of car models and types which are now held in the database.

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Dr M Mansoor Siddique
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