1:02 pm, November 12, 2021
The boom in used car prices continued at British Car Auctions in October with average values remaining above £11,000 for the second consecutive month.
The tenth month of the year saw values reach an average of £11,295 at BCA – the second highest price on record.
Year-on-year, average monthly values were up 38.6 per cent – or £3,143 – as the industry continues to benefit from supply chain issues in the new car market.
The weekly data highlights the stability of average values at BCA throughout October.
Values remained around £11,700 for much of the month, before dipping slightly to give an average of £11,295.
At the highest weekly point in October, year-on-year values were ahead of the same week in 2020 by a whopping 49 per cent.
The monthly figure was slightly down on September, when average prices stood at £11,817.
Stuart Pearson, COO of BCA UK, said: ‘October felt like the first month for a long time, where the market started to behave exactly as it usually would at this time of year.
‘Whilst prices remained resilient, many people took the opportunity to get away which shifted the supply and demand dynamic back in favour of the buyer for the first time in a long time.
‘The market may have eased back from some of the frenzied activity seen in recent months, however with very little certainty around new car supply, average used car values remain robust.
‘It doesn’t feel like it would take a lot to change for the market to reignite, particularly as we move towards the opportunity that the New Year presents for retailers’
