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BCA reports rising used car values in January

Date: 12 February 2021   |   Author: Sean Keywood

Used car values were up in January despite the UK re-imposing Covid-19 lockdown measures, according to auction firm BCA.

It says the average sale price during the month, of £8,464, is the third highest seen since the start of the pandemic, and £154 up on December.

BCA COO for UK remarketing Stuart Pearson said: "While it hasn't been the January that most in the industry would have hoped for, performance has been solid across most sectors and BCA has seen record numbers of buyers joining our online sales.

"We've seen particularly strength in the dealer part-exchange and 'Top Car' sectors, which echoes back to the buying trends we reported on during the first lockdown.  However, the difference in the current lockdown is the sheer volume of buyers who are trading safely and in line with government legislation." 

Pearson said that although the latest lockdown had inevitably harmed retail demand, there was a ready audience of buyers for the widest range of stock as long as sellers followed remarketing basics.

"It's not the frenzy that we would usually see at this time of year, but supply and demand are well balanced and there is a level of pragmatism in the market that is keeping the wheels turning," he said.

"There continues to be an important role for pre-sale preparation and appropriate refurbishment to generate additional value as buyers continue to focus on stock that can be turned quickly.

"All things considered, the market has been remarkably stable and BCA's Decision Intelligence team are keeping abreast of the current evolving picture in the wholesale sector. We are working closely with our sellers to ensure their pricing strategies are realistic and in tune with market sentiment."