Electrics buck trend of falling used car values
Tough trading conditions saw used car values at BCA fell by one per cent in October to an average of £7,244.
However, the electric vehicle sector remains buoyant with BCA achieving a new weekly high in terms of sold volumes during the month.
BCA COO Stuart Pearson said: “The used car market during October saw some of the toughest conditions for some time. External pressures were significant, with cost-of-living concerns and record-high fuel prices continuing to impact retail used car demand, and seasonal factors ranging from school holidays to the Budget also in play.
“Alongside these factors, exceptional new car deals offer motorists a compelling alternative with very affordable monthly payment plans and long warranty periods. Used car sellers are therefore having to work even harder to attract retail consumers, not just with headline prices, but running costs becoming more of a consideration than ever.
“But while the current conditions are testing, it doesn’t feel like the whole market is sliding as we saw in late 2023. There are plenty of bright spots where demand remains positive and competitive; electric vehicles will continue to be good news and clean three–four-year-old well-presented vehicles continue to sell strongly.”
