Fleet and lease sales key to record used car values
11 October 2018
Author: Sean Keywood
Average used car values rose to record levels during September, according to auction firm BCA.
Overall month-on-month values rose by £184, or 1.9%, to £9,881, representing a year-on-year rise of £764, or 8.3%.
The fleet and lease market was chiefly responsible for this, with average values hitting £11,871 - an increase of £648, or 5.7%, month-on-month, and £1,093, or 10.1%, year-on-year.
This was despite the average age of vehicles on offer rising - although by contrast average mileages were down.
There was also a minor increase in dealer part exchange values - by £66 (1.3%) month-on-month and £374 (7.8%) year-on-year, to £5,131, although average age and mileage were both down.
Average nearly-new car values hit £25,311 which is an increase of £278 (1.1%) month-on-month and £6,086 (31.6%) year-on-year, although BCA warns the effect of model mix and availability is significant in this very low volume sector.
BCA COO for UK remarketing Stuart Pearson said: "Bidding activity on used cars has been strong at BCA throughout 2018 and that continued into September, pushing average values for fleet and contract hire and dealer part-exchange vehicles to record levels.
"New performance records were set across our UK network and not surprisingly, interest was exceptionally high for vehicles in ready to retail condition.
"The buoyant used car market has continued as we enter October with positive reports around retail activity on used vehicles from our very active buyer base."