Used car values remain resilient as volumes rise
Used car values averaged £7,371 at BCA in March, down just £18 month-on-month.
Meanwhile, sold volumes rose significantly to more than 100,000 transactions to make it one of the busiest months on record at BCA.
BCA also reported an increase in new car sales, with sales up 7.2% in February and 6.6% March.
Stuart Pearson, BCA COO UK, said: “Overall, March offered a solid conclusion to BCA’s trading year, a year when the used car sector enjoyed strong periods of stability, with sold volumes and buyer engagement continuing to grow across BCA’s seven-day-a-week digital sales programme.”
“However, we don’t operate in a vacuum and recent geo-political event have introduced an element of uncertainty into the marketplace, which means that many customers will be understandably more cautious about acquiring and stocking used vehicles.”
“While the headline downward guide price pressure could be considered significant for March, the mix of stock entering the used car market continues to be fuelled by more electric vehicles than we’ve ever seen before, a number that will continue to rise and potentially change the way we consider what a normal month looks like.”
He added:
“The likelihood is that guide-price pressure will remain for the next few months and the best advice for both buyers and sellers is to make the best deal that is available today, be prepared to be flexible with expectations, rely less on historic perceptions and use all of the decision intelligence available from the largest addressable wholesale market.”
