Used car values continue to rise in October
09 November 2017
BCA's Pulse Report shows that average used car values continued to rise during October, with the headline figure climbing by £247 (2.7%) to a record value of £9,364.
The market experienced the usual seasonal fluctuations around the half-term school holidays, but overall BCA reported another strong trading month as volumes at auction remained high.
Average values for fleet and lease cars continued to rise and reached record levels for the third month running as buyers focused on good quality, well-specified one-owner cars. Average dealer part-exchange values fell marginally from record levels in September, but were the second-highest on record and demand remained strong.
Year-on-year, the headline figure was up by £773 ? equivalent to an 8.9% increase in average values - reflecting the steady demand, well-balanced supply and richer mix of stock available at BCA over the past 12 months.
Stuart Pearson, BCA managing director UK remarketing, commented: "October was another busy month at BCA with plenty of competition from professional buyers across the range of stock on offer. We experienced good levels of demand from buyers, with just the usual seasonal distraction of the half-term holidays towards the end of the month. Online trading was strong throughout, with BCA reporting record traffic for Live Online in the first week of October and sales penetration rising to 28% across the board, a year-on-year increase of four percentage points."
He added: "As we approach the end of 2017, many dealers will often start to build stock levels in readiness for the typically busy first quarter of the New Year. BCA is anticipating a healthy supply from all sectors throughout December and has a busy programme that will keep stock churning for our vendors, and buyer interest fuelled."