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According to the latest BCA Pulse Report, average used car values climbed again in May, including record average values in the fleet and lease sectors.
The average price of a used car has now increased by £106 (1.3%), up to £8261. Year-on-year prices are also up by £458, equating to a 5.8% rise.
Fleet and leasing values rose to £9906 in May, up 1.9% year-on-year and the fourth month of consecutive growth. The average age of used fleet and leasing cars decreased slightly, down to 39.14 months from 39.9 months, average mileage also saw a 2000-mile dip to 43,637.
Simon Henstock, BCA chief operating officer UK Remarketing commented "May is typically a slower month for the used vehicle sector, with the two Bank Holidays often proving disruptive to trading patterns. However, average values for fleet/lease and dealer part-exchange cars continued to rise and remain at record levels."
Almost all bodystyles recorded growth in May, coupes and roadsters saw the biggest increase month-on month, up 104%. Both hatchbacks and estates continued to hold their value well; the latter grew by 2.6% while hatchbacks recorded a modest 1.1% rise. The BCA is blaming the bad weather on convertible values falling by almost five percent, while MPVs also dropped close to three percent in value.
"With the summer months upon us, the market is now moving into a period when demand eases and typically values remain relatively flat. Household budgets tend to focus on paying for the summer holidays rather than changing the family car, and this year we still have the distractions of the UEFA Euro 2016 tournament, the EU referendum and the Rio Olympics all to come. History tells us these events have notable if short-term effects on the retail sector and this year will probably be no different," Henstock concluded.
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