Demand for used cars still rising
New figures have found that the demand and value of used cars has steadily risen during lockdown.
According to BCA, the average age of vehicles sold is six months older than before lockdown, with average mileage more than 10,000 higher.
Meanwhile, average weekly values in online sales at BCA rose over the two-month period since the lockdown was first introduced, from £4,568 in the first week of April to £8,788 by the fourth week in May. Values strengthened noticeably in May as more buyer customers interacted with BCA’s online channels.
There were steady week-on-week improvements recorded in the volume sold and numbers of online buyers participating.
BCA COO UK remarketing Stuart Pearson said: “We reported two weeks ago that momentum was building in the used vehicle sector. There has been a huge amount of customer interaction through our online channels, with activity growing daily and some virtual sales seeing buyer participation ahead of those seen in pre-lockdown conditions.
“We have seen demand grow steadily for stock, with acceleration through differing price points throughout the period. In the initial stages, buyers were very much focussed around lower value vehicles, however as more buyers enter the market, we’re seeing greater stability across all sectors.”
