Used car prices still rising in UK
The latest data from vehicle remarketing specialist, British Car Auctions (BCA), shows that used car values continue to rise. This news comes on the same day that the SMMT has reported the 19th consecutive month of increase in new car sales in the UK, which continues to outperform all other European markets.
Across the board used cars averaged £7,007 in September, up by £692 (10.9%), year-on-year. The average mileage of vehicles sold at BCA continues to fall – down by around 1,500 miles compared to last year – while average age was static at just under 63 months. There were record values achieved in September for fleet and lease stock and dealer part-exchange vehicles as the shortage of used cars continued.
Simon Henstock, BCA's UK Operations Director commented: “There has been a growing sense of general economic optimism over recent weeks and that feel-good factor has definitely been apparent in the wholesale used car market. September proved to be an exceptionally strong month at BCA, with average values well ahead year-on-year. And despite volumes beginning to rise towards the end of the month, demand outstripped supply comprehensively throughout September”.