Average used car values hold firm at BCA in July
Average used car values were stable at £7,550 at BCA in July, with sold volumes rising by 8.5% to nearly 85,000 units.
This is the second highest monthly used car volume recorded this year.
However, the data revealed a more nuanced picture with competition strong for well-maintained vehicles in the three to five-year age bracket and electric vehicles, but consumers wary of older stock and vehicles that need refurbishment. It attributes this to the ongoing shortage of repair bay space and concerns over vehicle preparation time.
BCA COO Stuart Pearson said: “The used car sector has continued to tick over steadily in July, despite the ongoing heatwave across much of the country and the start of the summer holiday season, factors that will have affected retail footfall significantly in recent weeks.
“Larger used car retailers and dealer groups are anecdotally reporting reasonable levels of retail demand, while the message from small to medium retailers is generally more challenging and difficult, particularly for those selling higher mileage, older stock.”
He added “Understandably, a high percentage of buyers are reporting that they are more cautious than earlier in the year, focusing their attention on ‘value for money’ vehicles that can be retailed with an attractive sticker price.
“We continue to work closely with our vendor customers to ensure they have the valuation insight they need to price their stock appropriately and the pre-sale services that mean their vehicles can be prepared, presented and sold as soon as possible.
