Average used car values have surpassed £11,000 for the second month running at BCA, remaining near record levels.

October used car values averaged £11,295 at BCA – the second highest value on record there

Despite the half term holiday, October used car values averaged £11,295 at BCA – its second highest value on record and maintaining the firm’s pattern of consistently high average used car values so far this year.

Year-on-year, average monthly values are up 38.6% or £3,143, reflecting the ongoing shortage of new product in the market.

But there was a slight shift back to more normal buyer patterns, thanks to the school holiday.

Stuart Pearson, COO BCA UK, commented: “October felt like the first month for a long time, where the market started to behave exactly as it usually would at this time of year. Whilst prices remained resilient, many people took the opportunity to get away which shifted the supply and demand dynamic back in favour of the buyer for the first time in a long time.”

A delve into the weekly data reinforces the stability of average values, which remained around £11,700 for much of October, before dipping just below £11,000 at the end of the month. At the highest weekly point in October, year-on-year values were ahead of the same week in 2020 by 49.0%.

Pearson added: “The market may have eased back from some of the frenzied activity seen in recent months, however with very little certainty around new car supply, average used car values remain robust.

“It doesn’t feel like it would take a lot to change for the market to reignite, particularly as we move towards the opportunity that the New Year presents for retailers.”