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Scrap Car Price Update March 2024 – Trends and Insights

In its latest report, Cartakeback unveils the current state of the scrap car market for March 2024, shedding light on notable trends and developments. After experiencing consecutive month-on-month decreases throughout 2023, the first quarter of 2024 concludes with a sense of stability in scrap car prices. March, in particular, witnesses a slight uptick, with the average price for a scrap car increasing by £2 compared to February, representing a modest growth of just under 1%.

 

Scrap Car Price Update March 2024 - Trends and Insights p
Image credit: ShutterStock

Amidst this backdrop, the spotlight falls on the Ford Focus, which emerges as the most frequently scrapped car yet again. With an average value of £312 in March, £44 above the general average, scrapping an old Ford Focus presents an opportune moment for vehicle owners seeking to cash in. However, beyond individual models, various factors intricately influence the value of scrap cars, including the demand for scrap metal and reusable car parts and factors like make, model, age, weight, condition, and geographical location.

Top cars scrapped in March

The top contenders in March remain consistent with the previous month, with the Ford Focus, Vauxhall Corsa, and Ford Fiesta retaining their positions in the top three. However, notable shifts occur within the top five, with the Vauxhall Astra surpassing the Renault Clio.

Remarkably, the Renault Clio experiences the most significant price increase, with a notable 5% rise on average. This translates to an extra £10 for Clio owners opting to scrap their vehicles, marking a lucrative opportunity amidst the evolving market dynamics. Despite this surge, the Ford Focus maintains its dominance as the highest-valued car among the top five, commanding an average price of £312.

Monthly Price Comparison

Below is a comparative analysis of average prices for select car models between February and March:

Scrap Car Price Update March 2024 - Trends and Insights p one

March portrays a mixed landscape of price fluctuations, with some models experiencing marginal changes while others witness more pronounced shifts. Nonetheless, the overarching trend signals a gradual stabilisation in scrap car prices, offering buyers and sellers a clearer outlook for the foreseeable future.

Source www.cartakeback.com

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Owain Griffiths

Owain Griffiths

Head of Circular Economy at Volvo Cars

Owain joined Volvo Cars in June 2021 to lead Circular Economy in the Global Sustainability Team. The company has committed to being a circular business by 2040 and has financial, recycled content and CO2 based targets for 2025, all of which Owain is working across the company to make happen. Owain previously worked for circular economy consultancy Oakdene Hollins where he advised businesses on evidence led circular economy implementation. 

Turning into a circular business and the importance of vehicle reuse and recycling.

The presentation will cover the work Volvo Cars is doing to achieve 2025 but mainly focus on the transformational work towards 2040 and the business and value chain changes being considered. Attention will be paid to the way vehicles are being dealt with at the end of life and the complexities of closing material and component loops. Opportunities and challenges which Volvo Cars is facing will be presented including engagement with 3rd parties and increasing pressure from stakeholders.

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e2e Total Loss Vehicle Management [e2e] is the UK’s only salvage and automotive recycling network with nationwide, environmentally compliant sites delivering performance resilience and service reliability to the insurance and fleet markets.  The network’s online salvage auction www.salvagemarket.co.uk drives strong salvage resale values and faster sales.  e2e’s salvage clients have access to the network’s stocks of over 5 million quality graded, warranty assured reclaimed parts. 

The power of the network model means e2e has the ability to influence industry standards and is committed to continually raising the bar whilst redefining the role and perceived value of the salvage operator.  Network members adhere to robust service level agreements, against which they are audited, in order to ensure performance consistency and a market leading customer experience.  

The salvage and recycling operating environment is evolving rapidly, and e2e is anticipating, listening and responding to changing market needs.  Regulatory compliance, ESG, reclaimed parts, customer experience, EVs, new vehicle technologies, data and reputation risk are just some of many considerations linked to the procurement of salvage services.  e2e will drive further added value to clients and members through the adoption and application of emerging technologies, continuing to differentiate its proposition and position salvage services as a professional partnership. 

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