Used car values hold firm at BCA in February
BCA has reported that average used car values were recorded at £7,389 during February.
This is up on the same month last year but down 3.1% (£241) on January, although sales volumes remained healthy during the month.
Stuart Pearson, BCA COO UK. Said: “While many will have created an expectation for the February market to have excelled, the real story was that it was a stable month, with resilient demand and the market digested a considerable number of used cars across the month.
“Many influencing factors continue to impact the available vehicles in the market, from the transition to electric vehicles, the genuine shortage of four-six year premium quality offerings, along with a general aging of many vehicles as a result of a lack of new car activity over the past few years.
“With the readily available supply of many new vehicles providing consumers more choice than they have seen for a long time, there’s an expectation building for more vehicles to enter the used vehicle exchange.
“However, with retail stocking levels remaining low and generally well-managed, even though some prices are moving faster than history suggests, we’re going to continue to see a shortage of the most desirable stock for some time to come, which should keep things nicely balanced in the market.”
