BCA reports rise in used car values

Average used car values rose again in October according to data released by the BCA.

It saw prices rise to £7,397 from £7,262 September, halting a trend that had seen values decline for four consecutive months.

At the same time, the price guides declared the largest monthly downward move in more than 10 years, with a 4.2% decline across the board.

Stuart Pearson, BCA COO, said: “Our buyer customers tell us that the retail used car market continues to be very tough. Movements in values have further been exacerbated by improving new car supply, along with the reemergence of new car discounting and manufacturer support that has been virtually extinct since the start of the pandemic.

“As a result of the pricing volatility, buyers continue to remain extremely selective and condition sensitive, and many are applying further uncertainty discounting to insulate them from expected falls in values between now and the end of the year. The likelihood is that we’re in for another challenging month in November, but there is demand as long as pricing is realistic and in line with market sentiment.  The old adage of the first bid often being the best bid is definitely playing through in the data we see.”