Used cars remain steady through March

Used car values held firm during March with average prices down just 0.6%, or £42, from February.

According to data from BCA, demand for two- to four-year-old cars remains strong, although prices are falling for older and higher mileage vehicles.

Stuart Pearson, BCA COO, said: “Whilst there has been some movement in values as we moved into April, the Easter period has been generally positive.

“There was continuing demand for stock that can be retailed quickly and this created a lot of interest for a number of our vendors, with conversions remaining strong as a result.

“A word of caution remains around any stock that is in average-to-poor mechanical condition, as the ongoing backlog for parts and general service availability continues to stifle demand across all vehicle age sectors. Reserves need to be keenly priced on poorer condition vehicles if they are to sell first time.”

He continued: “Those waiting for an influx of stock and significant downward pricing pressure are likely to be disappointed as supply and demand are currently well balanced. We’re seeing some volume lift from the impact of the plate change, but the cleanest used cars are being remarketed quickly.”