Used market stable but age and mileage rise, says BCA
26 July 2011
BCA has claimed the used car market was steady at the half-year point despite the ongoing economic uncertainty.
The auction firm's report follows the SMMT's revised forecast that new car volumes will drop 5% year-on-year, highlighting the struggles of the market to remain buoyant in the wake of the scrappage scheme.
However, BCA claims values for fleet cars in the first six months of the year were actually higher than in 2009 while average prices across all sectors have remained stable for 18 months with no signs of the peaks and troughs experienced in 2008 and 2009.
In the first half of this year the average value of a used car was £5802, a decline of just £47 from the second half of last year. Year-on-year, values are only £32 down.
BCA says the age of cars sold has been rising since the end of 2008 and went above 61 months for the first time this year. Average mileage also reached a high of almost 59,000 miles.
In the fleet and lease sector, BCA says the average age of cars sold is also rising and exceeded 40 months for the first time over a six month period. Mileages were up to over 49,000.
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