Average value of used cars at auction hit record highs in 2014, says BCA
21 January 2015
Author: Daniel Puddicombe
The average price of a used car at auction in 2014 was the highest on record, hitting £7622, according to the BCA Pulse annual report.
This is a rise of £566 compared to 2013, and a jump of £1781 compared to 2010.
The average age (60.84 months) and mileage (56,052) declined for the second year running, which BCA says reverses the trend seen at the start of the decade.
Fleet and lease values improved by £566 to £9455, a rise of 6.3%, with the age remaining at just under 40 months and the average mileage increasing by around 1000 miles to 46,700 on the odometer.
"In terms of the used car market, the relative shortage of stock - a result of low new car sales over several years following the onset of recession - has helped keep values high. However new car volumes have improved notably in 2013 and 2014," said Simon Henstock, BCA UK's operations director.
Henstock said the rising remand is being driven by the increasing 'feel good factor', helped by an improving job market, stable economy and low interest rates.
BCA recently announced it has been given planning approval for its 20 acre Perry Barr remarketing site in the West Midlands.
The new site will operate as a complementary multi-channel remarketing and logistics facility to BCA's existing businesses at Castle Bromwich and Walsall.
Around 200 new job opportunities will be created in the region as a result of the new site.