BCA: Used cars getting older with higher mileage
11 September 2012
Author: Rachel Burgess
Auction house BCA claims that average ex-fleet car ages and mileages are increasing
Used car values are soaring as auction firm BCA reported that the average value of a used car for the second quarter of 2012 is the highest on record at £5891.
It said this was due, in part, to a change in mix of used cars from the first quarter, with nearly new and fleet/lease volumes representing a declining proportion compared to part-exchange volumes with the effect of this making the average car older and with higher mileage.
Crucially, company fleets have been holding onto their cars for longer and changing them less frequently and this has affected the supply of cars aged up to five years old," said Tim Naylor, editor of the BCA Used Car Market Report. "As a result motor dealers are buying older vehicles for their forecourts."
He added: "A slowdown in the new car market from 2008 onwards has certainly had an impact on the availability of good quality used cars for motorists to buy."
The average vehicle on UK roads is now older than it was 25 years ago, according to BCA, and the average age of a car is 7.44 years, compared to 6.93 years in 2008.
Meanwhile, the volume of 6-8 year old vehicles sold in 2011 grew by 7.4% with more than seven million cars in this age bracket on UK roads. There is also more than 13 million cars aged nine-years-plus on the roads with sales increasing by 7.5% last year.
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