Average scrap car values reach new high
In the second quarter of 2022, the average cost of scrap cars in the UK rose to £358.
There may be signs that the market has reached its peak, with average figures decreasing in July.
Interestingly more Ford vehicles were scrappage in the second quarter of 2022 than the previous year.
The latest data from CarTakeBack, a car recycling network, showed that the average scrap car value increased to £358 in the second quarter of 2022.
Generally, scrap car prices have been higher than ever before in 2022 due to the restricted supply of both new and pre-owned cars partly as a consequence of Supply challenges due to Covid.
The average amount paid for an unusable car in April was £352, which was a nine percent increase from March. Equally prices rose a further percent in May so that the average was now £358. The same value carried over into June.
Nevertheless, in July prices fell seven percent to £334, due to shifts in scrap metal demand and parts shortage issues impeding car production. Consumer confidence then dropped, thus impacting the demand for new and used cars.
Despite dropping month-on-month, July’s average cost of £334 was still 34% higher than July 2020 (a £84 increase year-over-year).
Although July saw a slight decrease in prices, they remain significantly above what they were at the start of 2020, meaning customers can still get a great return on their scrap cars.
During the second quarter of 2022, CarTakeBack shed more Ford cars than any other types, with the Ford Focus remaining the most frequently scrapped automobile.