Used values scale new heights
Average monthly used car values at BCA climbed again during September to reach an astonishing £11,817.
After passing £10,000 for the first time ever, September’s figures represents the fourth consecutive month that BCA has reported record used car values.
The substantial rise is the largest monthly increase in average car values ever recorded at BCA. Year-on-year, average monthly values are up by 41.3%, the highest annual increase recorded.
The ongoing challenges around new car supply have created a perfect storm of used car demand with many franchised dealers chasing additional volume to supplement their September numbers.
Stuart Pearson COO BCA UK, said: “The current dynamics seen in the used vehicle sector are very much amplified by challenges around new car supply, and BCA continues to see high levels of buying activity from both franchised and independent dealer sectors.”
Pearson continued: “While the market appears to have plateaued towards the end of September and into October, and values have settled for the first time in many months, this is likely to be a result of the motor trade taking stock following a period of intense activity.”
