Used car values increase in August

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Latest data from British Car Auctions shows used car values rising as stock shortages continue during August, bca.co.uk

The British Car Auctions is a leading marketing specialist for selling used vehicles in the UK, and they have recently released their latest used car values data that show the year on year values have increased by a 14.2%, a significant figure, in August 2013. The report from BCA added that the continuing shortage of high quality used cars kept the values rising as this reached the wholesale market in combination with the steady buyer demand.

Across the board used cars averaged £7,037 in August, up by £162 compared to July, and significantly ahead of August 2012 by £879 (14.2%). Average mileage continues to fall – down by around 3,000 miles compared to last year – and cars are one month younger on average when sold in 2013. Ex-fleet cars performed particularly well over the month with average values improving to a new record value of £8,898.

Commenting on the figures Tim Naylor, Editor of the BCA Pulse Report said: “Traditionally, the summer months have often been quieter in terms of buying in the wholesale market but post-recession this element of seasonality has disappeared. August provided another strong performance in the used car market, as professional buyers competed strongly for stock.”

He added “Longer term, economic confidence is the key factor going forward for the used car sector. Recent indicators suggest the economy is improving and this may tempt even more retail buyers to consider changing their current vehicle for a ‘newer’ used car. There will always be activity in the used car market caused by changes in lifestyle – the growing family, a young driver passing the driving test, a windfall purchase – but we must not lose sight of the fact that many families continue to struggle with rising costs while wages are falling in real terms.”

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