Used car values climb

Time 8:57 am, November 8, 2012

AVERAGE values for used cars increased even higher in October, says BCA.

With figures from the firm already pointing to record Q3 values, the news should come as little surprise – but still make heartening reading.

Used models averaged £6,481 in October, says BCA – an increase of £166 or 2.6 per cent over September. Year-on-year figures show an even more significant increase, though – October 2012 showing an 8.6 per cent rise over the same time last year.

BCA puts the increases down to an ‘on-going shortage of good, retail quality’ used stock – creating a ‘very competitive trading environment’. Since the low point of April this year, average values are up by nearly £900 – demonstrating just how quickly the rise has occurred.

The figures echo rises stated by classified ad site AutoTrader, who reported a two per cent rise across their 375,000 listed vehicles.

BCA’s operations director Simon Henstock commented: ‘While the headline values continue to move upwards, we have experienced some pressure in the used car market in October.

‘Sale conversion rates faltered during the month as volumes rose compared to September and buyer demand remained firmly focused on thebest quality vehicles.  Those retail quality cars are making often exceptional prices, but cars in poorer condition need to be sensibly valued if they are to attract the buyers attention.”

Jon Reay's avatar

Staff Writer Jon is one of the Car Dealer team's newest members. You can also find him contributing to AOL Cars.

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