Used car values fall slightly in June, says BCA Pulse
08 July 2016
Author: Daniel Puddicombe
Values of used cars sold at auction in June stalled following two months of record values, the latest BCA Pulse report has revealed.
According to BCA, the headline value of used cars fell by £63 (0.76%) last month to £8198, possibly because of the markets slowing for the summer holiday period.
However, BCA said this figure is the second-highest on record, while year-on-year values increased by £440, equivalent to a 5.6% rise when compared to June 2015.
Values of ex-fleet and lease cars fell by £237 (2.3%) during the course of the month, newer part-exchange prices reached record levels and nearly-new car values increased by £452.
Meanwhile, the average age of cars sold at auction has decreased by four months - second-hand cars are now 56.86 months old - while the average mileage has also fallen, down to 51,625 miles compared to 55,075 miles in June 2015.
"The summer months typically see some pressure exerted on average values so we are not surprised to see the headline figure drop in June, as it did last year," said Simon Henstock, BCA's chief operating officer for UK Remarketing. "Supply and demand are reasonably well balanced, with conversion rates remaining relatively stable and buyers are continuing to compete strongly for good retail-quality stock."