Average used car values at BCA hit new record in June
Average used car values at BCA rose above £9,000 for the first time on record in June as sold prices continued to significantly beat market expectations.
Last month saw average used car values increase to £923, up by 10% or £835 month-on-month and averaging around 3% ahead of guide values. Year-on-year, values are up by 7.5% or £644.
While the growth in price rises showed some signs of easing towards the June, the July market has continued the trend of steady improvements seen over the last few months.
BCA COO UK Stuart Pearson commented: “There is no doubt that the used car sector has seen some exceptional price movements this year, in the main fuelled by extraordinary levels of demand for the right vehicles.”
To help boost demand, BCA has created a new programme of feature sales across all price sectors and product types, and also expanded its sales programme to include new selling locations, larger entries of stock for evening and weekend sales and launched its first-ever live auction on a Sunday.
Pearson continued: “Whilst there will always be some nervousness in a market that continues to rise, based on BCA’s current intelligence, it would seem highly unlikely that any significant changes will occur over the next few months. BCA’s Decision Intelligence team continues to work closely with our sellers to ensure that their pricing strategies are realistic and in tune with market sentiment, and that our buyers have everything they need to make informed decisions when bidding.”