Used values increase in May

BCA has reported that used car values improved in May, up by one per cent to an average price of £8,403.

Performance against guide prices improved by 1.6% compared to April.

BCA also saw an improving used marketplace for electric vehicles, which are becoming increasingly more affordable following the significant price realignment across a number of models. Professional buyers are now focussing more attention on the higher specification premium EV sector now that values have steadied.

BCA UK COO Stuart Pearson said: “Values recovered in May as buyer numbers rose following the run of holidays and competition increased for the best quality stock. There’s been notable seasonal demand for convertibles and roadsters, along with rising interest in many EVs now that the market is settling.

“There is strong competition from professional buyers on the best presented stock that can be retailed quickly, and we’re working very closely with our sellers to improve vehicle condition to create the best opportunity for any vehicle to sell first time.”