2:08 pm, July 21, 2021
BCA saw average used car values rise above £9,000 for the first time on record in June.
It said today (Jul 21) that sold prices continued outstripping market expectations significantly, thanks to more buyers joining its online sales and its daily entries of more than 6,000 vehicles.
A combination of competitive bidding and what it labelled ‘an unrivalled selection of stock’ meant prices rose by £835 month on month – a 10 per cent increase and averaging around three per cent ahead of guide values.
The acceleration of price rises started to ease towards the end of the month, but the July market continued the trend of steady improvements, fuelled by a rise in buyer numbers.
UK chief operating officer Stuart Pearson said: ‘There is no doubt that the used car sector has seen some exceptional price movements this year, in the main fuelled by extraordinary levels of demand for the right vehicles.
Source: BCA Valuations
‘We’ve listened to what our customers have asked for and, due to the flexibility of our online sales model, we’ve created a new programme of feature sales across all price sectors and product types to provide the most choice, whatever a buyer is looking for.
‘By segmenting stock to deliver large volumes of similar vehicles, it makes it easier and more efficient for buyers to find the vehicles that they need.’
He highlighted its expanded sales programme, including new venues plus larger entries of stock for its evening and weekend sales, as well as its first live Sunday auction.
Pearson added: ‘Whilst there will always be some nervousness in a market that continues to rise, based on BCA’s current intelligence it would seem highly unlikely that any significant changes will occur over the next few months.’
