Average used car values rose across the board at BCA in February including a strong performance for fleet and lease stock, despite the freezing weather.

The used car sector is expected to see continued demand in 2018.

Latest figures from BCA show that average used car values rose by 2% month on month to £9,498 – the second highest on record and up by nearly £700 compared to a year ago. Average age and mileage continued to reduce.

Values rose for fleet and lease, dealer part-exchange and nearly-new vehicles, with fleet values up to £10,792, an increase of £279 (2.6%) compared to January. Retained value against original MRP (Manufacturers Retail Price) improved by more than a point over January to reach 43.23%.  Year-on-year values were up by £613 (6.0%).

Stuart Pearson, BCA MD UK remarketing, commented: “The arctic blast of weather had no impact on trading, with professional buyers switching to our Live Online platform if travel was difficult.

“While Easter is often seen as a watershed in demand, every indication suggests the used car sector will enjoy continued demand during 2018, with a number of retailers expecting used sales to play a significant role in overall profitability in the months ahead.

“Average used car values have been rising at BCA for an extended period and 2018 seems set to maintain that pattern. This reflects the demand from buyers, the high quality of stock consigned to BCA by fleet & lease and dealer vendors and a general falling in average age and mileage at remarketing time.”