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Average used car values surpass £10K at BCA in August

Average used car values surpass £10K at BCA in August

For the first time ever, average monthly used car values at BCA have surpassed £10,000 following a further acceleration of the excellent demand seen for used stock that has typified 2021.

Whilst the ongoing increase in used vehicle values is well documented, BCA’s rich mix of product continues to further influence the monthly average, fuelled by a number of high profile special online events that have attracted thousands of buyers.

BCA’s online sales programme is constantly being refined and through data driven segmentation, buyers are able to locate more of the vehicles that they’re really interested in.  During the month, a number of dedicated marque driven sales provided dealers with high volumes of low mileage, newer vehicles creating the critical mass required to supplement their shortfalls driven through the new car challenges.

Historically, used car activity has been slower in August due to the peak summer holiday season and the impending plate change on September 1st, however the element of seasonal market swings has all but disappeared in 2021.

Stuart Pearson COO BCA UK commented “Whilst supply and demand will always impact on commodity values in any marketplace, BCA’s rich mix of vehicles, along with a sales programme built around clear segmentation for our customers, has driven average values to new levels during 2021. Our vendor portfolio contains the broadest and most diverse selection of vehicles in the marketplace and we continue to retain and win significant contracts to further strengthen the offering.”

He added “The current dynamics seen in the used vehicle sector are very much amplified by challenges around new car supply, and we’ve seen high levels of buying activity from the franchised dealer sector at a time when traditionally they would have been focussed on the preparing for the new plate change.” 

Pearson added “Buyers are also diversifying to make the most of the current retail activity levels and their purchasing is rippling through the whole value chain.  Whilst older stock has been fairly stable for a number of months, this sector is also now starting to shift upwards when normally the market would be easing back on the run towards Christmas.”

He concluded “We’ve reported record price levels for three consecutive months, and looking at the value progression across the used car sector during August and into the first few weeks of September, average values are likely to shift to another new level that probably once didn’t seem possible.  In all likelihood there will be no letting up for some months to come.”

 (* Source: BCA Valuations)

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