Average used car values rise in July, says BCA Pulse
17 August 2016
Author: Daniel Puddicombe
Values of used cars sold at auction bounced back in July following a dip in June, the latest BCA Pulse report has revealed.
According to BCA, the headline value of a used car increased from £8198 in June to £8341 in July, an increase of 1.7% and the highest monthly value on record.
Year-on-year, the average figure is by £635, equivalent to an 8.2% increase in values.
Ex-fleet and lease values were static in July, falling by £4 to £9665, compared with £9669 in the previous month. Year-on-year values were also static, however the average age of used vehicles fell by a month to 39.08 months.
Nearly-new car values, meanwhile, improved in July to £21,339 from £20,042 in June, while prices were slightly ahead compared to July 2015.
"Supply and demand remain well balanced, with conversion rates improving in July, despite the typical summer slowdown the market experiences once the summer holiday period begins," said Simon Henstock, BCA chief operating officer. "Sales have been well attended throughout BCA's 23 strong auction network in July and online bidding has been strong, but it is noticeable that buyers are being more selective about condition, preparation and presentation."