Used car values for last month up 10% on last October

The latest data on used cars, which has been released to coincide with the highly anticipated figures for new car sales in October from SMMT, comes courtesy of BCA, British Car Auctions These stats reflect the ever evolving dynamics that exist within the used car market in the UK and show that the value of used cars is at its second highest since 2005 due to a combination of market demand and stock shortages pushing the prices up. The recovery of the economy is also thought to play a part in the 10% rise for the same time last year.

The values last month climbed by 2.4%, or £167, when compared to September and on a year on year comparison have risen by 10.6% or £693. The average mileage in continuing to fall however, down by approximately 2200 miles when compared to 2012, while the average age of a used car was marginally lower and is now 61 months.

Vehicles sold by fleet & leasing companies continued to average over £9,000 in October – having risen to this record high in September. The values for dealer part-exchange vehicles also rose to yet another new record level, climbing by £80 compared to September.

“October proved to be another exceptionally strong month at BCA”, said Simon Henstock, BCA’s UK Operations Director. “Fleet cars remain in relatively short supply and there is plenty of competition for any vehicle in ready-to-retail condition which is keeping values high.

“And while buyers continue to focus on smaller and more economical cars, demand remains right across the board up to late-plate prestige and luxury marques. Indeed, significant results were recorded in a number of Top Car sales during October, underlining that buyers are quite happy to invest six-figure sums for the right vehicle such as the £127,000 paid for a 2012 Mclaren MP4-12C at BCA Blackbushe.”