Used car values still going up

Used car values continue to grow! A new Report published by BCA shows that the average value of a used car in 2012 was £6,199 – the highest annual figure on record.  This represented a rise of £280 compared to 2011 (up 4.7%), and by £358 (6.1%) compared to 2010.

BCANot only are used cars values rising, but both average age and mileage have risen over the past three years, while performance against CAP Clean has been relatively stable around 96.5%.

BCA’s Managing Director Spencer Lock  commented “These latest BCA figures provide further proof that the stock shortage resulting from depressed new car sales since 2008 is having a significant effect on used car values three and four years down the line.  Used car retailers will continue to be faced with increasing competition when sourcing the most attractive and retail-ready used cars, because these are the cars everyone wants and they are in such short supply.“

He added “While interest in the best retail quality cars can be exceptional, overall demand is best described as fragile.  Dealers are less likely to speculate because they know retail buyers are spending very carefully and expecting great value for money.  There is a lot of buying to order, particularly via BCA’s Bid Now and Buy Now online remarketing channels.”

BCA Used Car data 2010 – 2012

Year Avg Age Avg Mileage Avg Value Sale vs CAP
2010 59.70 57,295 £5,841 96.55%
2011 60.51 58,376 £5,919 96.31%
2012 62.07 58,969 £6,199 96.48%

As in previous years, the increase in values accelerated in the second half of the year.  The average value of a used car at BCA in the second half of 2012 was £6,415, up by £408 compared to the first six months of 2012. It is the highest average value for a half year period on record.  Fleet & Lease car values in the second half of 2012 rose by 12.3% year-on-year, while dealer part-exchange car values rose by 12.6% over the same period.

 

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