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Used car values hit record high in September

Date: 17 October 2016   |   Author: Daniel Puddicombe

The average value of used cars sold at auction hit record highs for a third month in a row, according to the BCA Pulse report.

BCA said the average value rose by £34 to £8,376 during September, while the year-on-year figure increased by £674, equivalent to an 8.7% rise in average values.

Ex-fleet and leased car values climbed by £127 (1.3%) during the month compared with August to reach £10,017, the highest point on record and the first time the average price has risen above £10,000. Year-on-year values were also ahead, with an increase of £317 (3.2%) compared with September 2015.

Dealer part-exchange values, meanwhile, improved by £64 (1.4%) to a new high of £4,553, with year-on-year values being ahead by £219 (5.0%).

Values of nearly-new cars sold at auction also improved, growing by £322 (1.5%) during the course of the month to £21,353, and year-on-year values were ahead by £828 (4.0%).

"September saw demand keeping pace with supply, with both the auction halls and online channels being very busy.  Sale conversion rates were high, typically exceeding 80% during September, meaning there was good churn in the marketplace," said Simon Henstock, BCA chief operating officer for UK remarketing. "However, by mid-October our dealer customers were anecdotally saying that retail demand was softening and that will inevitably impact the wholesale sector."