Used car values buck seasonal trends in August
Used car values bucked the traditional seasonal pressures in August as BCA’s online programme saw sold volumes continue to rise and values maintain the strong price performance seen across 2024 to date.
Values averaged £7,511 at BCA in August, on a par with the average of £7,520 recorded across the calendar year to date with sold volumes and sale conversions rising, driven by active buyer numbers registering a new highpoint in August.
Used car values
Anecdotal feedback from BCA’s buyer customers suggests that used retail remains generally positive and stocking levels remain conservative at best.
With the stable pricing patterns seen across most sectors in 2024, confidence is accelerating in the used car sector with professional buyers and sellers reasonably in sync on most pricing expectations, with stock churn improving steadily throughout the year.
Market lift
Stuart Pearson, BCA COO said as used car values bucked the seasonal trend:
“Despite the summer months traditionally being one of the quieter periods of the year for the remarketing sector, we saw particularly strong buyer engagement, improved sale conversions and rising sold volumes in August. The organisation of BCA’s online sales programme make it is very easy for our buyer customers to access the widest choice of stock wherever they may be located and at any time of day, seven days of the week; from home, the dealership or even on holiday with the family!
“The market has further lifted into September, and in spite of a significant lift in volume from BCA’s online auction offering, bidding has become more intense, supported by the general view that values are likely to rise in the short term. With retail stock levels looking particularly conservative, there is little to suggest that the currently very positive used market that we’re experiencing won’t continue deep into October, and even perhaps beyond.”
