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Minimal drop in used car values reported

Date: 19 April 2024   |   Author: Sean Keywood

The average value of used cars sold at auction fell by 0.6% during March, according to BCA.

The auction company said that the month's average of £7,522 was a £42 drop compared with February.

It said that the Easter period - typically seen as a watershed in demand - saw activity remain positive, with the week running up to the double bank holiday attracting significant interest and healthy conversion rates, with BCA recording the highest number of active monthly buyers since its sales programme moved online in 2020.

According to BCA, with the used market still being short of two- to four-year-old product, demand remains particularly positive in this sector. However, pressure remains on older, higher mileage vehicles with values moving more quickly, and mechanical condition being the key factor impacting price.

BCA COO Stuart Pearson said: "Whilst there has been some movement in values as we moved into April, the Easter period has been generally positive. There was continuing demand for stock that can be retailed quickly and this created a lot of interest for a number of our vendors, with conversions remaining strong as a result. 

"A word of caution remains around any stock that is in average-to-poor mechanical condition, as the ongoing backlog for parts and general service availability continues to stifle demand across all vehicle age sectors. Reserves need to be keenly priced on poorer condition vehicles if they are to sell first time.

"Those waiting for an influx of stock and significant downward pricing pressure are likely to be disappointed as supply and demand are currently well balanced.  We're seeing some volume lift from the impact of the plate change, but the cleanest used cars are being remarketed quickly."