BCA reports stable used car market
19 June 2018
Author: Sean Keywood
Average values of used cars sold at auction remained at near-record highs during May, according to BCA.
The auction firm said demand from buyers continued to keep prices firm, with the headline average value of £9,568 representing a fall of just £16 month-on-month, and a £707 rise year-on-year, with the latter figure a 7.9% increase.
May's average value was the fourth-highest on record.
Fleet and lease values fell marginally from last month's record level to £10,963, still the third-highest point on record, while dealer part-exchange values remained at a record high of £5,000 for the second month running. Values increased for nearly-new vehicles, although according to BCA model mix has a significant influence in this low-volume sector.
BCA COO for UK remarketing Stuart Pearson said: "Professional buyers have continued to compete strongly for good-quality used car stock, a pattern that reflects the high levels of retail demand that dealers have been reporting throughout this year.
"The seasonal dip that is often felt at this time of year hasn't been so significant and the strong demand has driven conversion rates, meaning stock is churning quickly, which is good for buyers and sellers alike."