Average used car values rose 1.6% month-on-month in February, driven by strong demand from professional buyers.
This is according to the latest BCA Pulse report, which shows that the headline used car value rose to £10,002 – up 2.1% from February 2019. Average year-on-year values increased across all sectors at BCA in February 2020, with dealer part-exchange values rising to the highest point on record, fleet and lease vehicles reaching the third highest average value ever recorded and nearly-new vehicles the second highest figure on record.
Stuart Pearson, chief operating officer at BCA UK Remarketing, said: “February was a strong month in the remarketing sector and BCA saw competitive bidding across the board from high-value prestige stock to older, higher mileage budget vehicles. As in previous years, BCA saw sustained demand in the run-up to the March plate change.
“This continued into early March with competitive bidding from professional buyers driving demand, with excellent conversion rates and typically strong price performance. Online trading at BCA continues to play a significant role, with online sold volumes rising above 38% during the past month and that percentage continuing to rise into March.”
“Whilst there is without doubt a significant strain on the industry at present, it’s been incredible to see the resilience of our staff and customers who continue to adopt a very pragmatic approach to carrying on with business as usual wherever possible.”
Fleet & lease values averaged £12,290 at BCA in February 2020, the third highest value ever recorded at BCA and maintaining a consistent run of improved price performance that stretches back to September of last year, with the last six months representing the six highest monthly values recorded. Year-on-year values were up by £768 (6.7%) with both average age and mileage continuing to rise. The retained value against original MRP (manufacturers retail price) averaged 43.7%, down by 0.3 percentage points, year-on-year.