Fleets with Kia Cee’d’s on their fleet will be buoyed by news that the cars are hot property at auction with buyers paying well above the guide prices for a wide variety of models.
The car has done so well that CAP, one of the leading industry guides for used car prices, has taken the rare step of adjusting their Kia guide prices upwards.
The Kia Cee’d made its auction debut in February and whilst the average sale price for all Kia’s was 101 per cent of CAP the Cee’d bust the scale at 112 per cent. This was no one off as the success continued in March – every Kia in the auction was sold with the in-demand, Picanto reaching 108 per cent whilst Cee’d scored a huge 120 per cent of CAP, busting their predicted residual values.
Swayed by these performances, CAP reviewed its prices and increased their guide values for the Cee’d family by around five per cent. This means existing Cee’d customers are finding the values of cars on the driveways have increased.
Kia Motors UK Used Car and Remarketing Manager, David McCluskey said: ‘The development of the Kia brand and its product has been so dramatic and rapid over the last few years that residual values in guide books, and amongst some of the financial houses, have been unable to keep up. CAP is seeing this development and we are very happy they have increased residual value guide prices by around five per cent. But judging by these auction performances we feel there is still some way to go. In auctions and on forecourts, customers and traders knew all along – Kia cars are worth much more than the guides say because they represent such good value and provide such reliable transport for used car buyers. It is great news that the guides are starting to catch up!’ he added.
Simon McBride
