Two-tier used car market emerging – BCA
BCA has revealed a two-tier used car market as average used car prices fell by 7.4% in August to £6,994, their lowest value since December 2023.
Meanwhile, prices are 4.9% down on the same month last year.
BCA also noted a continued two-tier market, with demand strong for well-presented young stock and electric vehicles while values for older vehicles are under increasing pressure.
BCA COO Stuart Pearson said: “Feedback from our buyer customers highlights that used retail demand has been patchy and inconsistent, with testing conditions being reported by many of the smaller-to-medium independent dealers.
“Retailers of premium stock report generally better trading conditions with steady interest over the summer period, with particular strength in used EV retail, but the universal message from retailers is that older stock remains by far the most difficult to place with customers.
“All of these elements are naturally reflected in the wholesale sector, which has been challenging at times over recent weeks.
“Pleasingly, September has got off to a good start, with an uptick in demand and a few more reports of positive trading. What is important is that sellers don’t get carried away with pricing expectations, and that the price guides react to the moves that the market is making as more stock enters during what is expected to be a very busy September period.”
