Used car values top £11k
Average used car values at BCA in October surpassed £11,000 for the second month running.
October used car values averaged £11,295 – the second highest value on record and maintaining the pattern of consistently high average used car values reported by BCA in 2021. Year-on-year, average monthly values are up £3,143, equivalent to a 38.6% increase.
Stuart Pearson COO BCA UK said: “October felt like the first month for a long time, where the market started to behave exactly as it usually would at this time of year. Whilst prices remained resilient, many people took the opportunity to get away which shifted the supply and demand dynamic back in favour of the buyer for the first time in a long time.”
Values remained around £11,700 for much of the month, before dipping just below £11,000 at the end of October. At the highest weekly point in October, year-on-year values were ahead of the same week in 2020 by a significant 49%.
Pearson added: “The market may have eased back from some of the frenzied activity seen in recent months, however with very little certainty around new car supply, average used car values remain robust. It doesn’t feel like it would take a lot to change for the market to reignite, particularly as we move towards the opportunity that the New Year presents for retailers.”
