Used car sector sees strong start to year, reports BCA
Average used car values and fleet & lease values performed strongly in January, following on from the seasonal downturn in December.
The BCA headline figure of £9,476 in January 2019 was up 1.9% (£178) despite average age rising from 53.85 to 57.41 and average mileage rising from 48,712 to 49,225.
Fleet & lease values were up 8.9% (£940) year on year and reached £11,453, one of the highest monthly values on record and ahead of the same month last year by £940 (8.9%), while the retained value against original MRP (Manufacturers Retail Price) improved by two percentage points at 44.07% compared to 2018. Average age at time of sale has risen slightly to 39.47 months, with average mileage falling by over 2,000 miles compared to January 2018.
Stuart Pearson, BCA COO UK remarketing, commented: “January was a strong month across BCA’s network with rising volumes and strong buyer engagement across the network. The used car sector has started the year strongly, with competitive bidding across the board from high value prestige stock to older, higher mileage budget vehicles. Live Online volumes continue to rise, with certain sales attracting exceptionally high numbers of bidders – a prestige car sale at BCA Nottingham mid-January saw nearly three-quarters of the entry purchased by online buyers.”
Pearson added: “January 2019 values followed the pattern seen in previous years and BCA expects to see strong and sustained demand as we approach the March plate change. We are delivering an enhanced sales programme across our nationwide network to support this.”