Average used car values reach record levels in October
11 November 2015
Author: Daniel Puddicombe
The prices of used cars sold at auction reached record levels in October, the monthly BCA Pulse report has revealed.
The headline value increased by £290 (3.7%) compared with September, to £7992, while year-on-year average values were up by 3.1% to £244.
The average age of the used vehicles has remained static compared with last October (60.07 months compared to 60.25), however the number of miles on the odometer has fallen by 1600 miles in the last 12 months to 54,262.
Ex-fleet and lease car values averaged £9848 in October, increasing by £148 (1.5%) to £1251 compared to September, reaching the highest price point on record since the monthly report began. Year-on-year values were up by £315 (3.3%).
Meanwhile, nearly-new values increased by £1251 (6.1%) compared to September, the highest recorded value to date, BCA said.
"Although October's figures look exceptionally strong, rising average values are not the whole story," said Simon Henstock, BCA's operations director.
"Volumes have climbed in recent weeks and while the best presented and most attractive ready-to-retail cars are selling quickly and often for well above guide valuations, there are increasing numbers of poorer quality cars reaching the wholesale markets."
"These less attractive vehicles need to be accurately appraised and valued in line with market expectations if they are to be sold first time," he added.