Used car values at BCA rise 5.8% in January
Average used car values rose sharply at BCA in January, increasing by 5.8% or £415 month-on-month to £7,630.
This was the highest average price recorded since October last year.
More than 20,000 cars were sold in the first full week alone, while demand for electric vehicles built on pre-Christmas momentum to set new back-to-back weekly sales records.
Stuart Pearson, BCA COO UK said: “While the early weeks of January can sometimes be a slow burner, the strength of the market this year caught a few people out and led to some super-competitive bidding activity. The general sentiment is that the used car market is healthy enough for the time of year with good demand and resilient pricing.
“However, there is still room for it to improve further. While there is always a focus on the best condition auction stock that can be efficiently retail prepared and sold, activity further down the condition grading bands is also healthy.
“There’s a particular strength in the older stock, with some shortages now starting to appear in the five-to-six-year age segment.
“Looking ahead, while March will eventually fuel a further uplift of fresh stock into the market, the well-balanced supply and demand dynamics that we’ve been experiencing for a number of months should continue to support pricing resilience and ongoing market confidence for buyers and sellers alike.”
