BCA is reporting that sold volumes continued to increase and average weekly used car values reached their highest point so far this year.
Values averaged £8,939 at BCA in March 2023, up by £399 or 4.7% compared to February 2023, as sold volumes increased for the fourth month in a row and performance against guide price remained strong. Buyer engagement remained high from both the franchised and non-franchised sectors across the range of products on offer in BCA’s online sales programme.
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The first quarter of 2023 remained volatile for EV pricing, however many models levelled out towards the end of the period and demand has improved, in spite of increased supply. BCA also reports that there has been sustained demand for good quality retail stock up to five years in age which has kept values firm, with weekly values rising above £9,000 for the first time this year in the first week of March.
Supply chain interruption remains issue
BCA UK COO Stuart Pearson commented “There’s definitely been a feeling of seasonality for the used car sector since Christmas which has helped to deliver a very positive first quarter performance with rising demand and improving values. Given the economic background and continuing pressures on household budgets, it has been a very encouraging start to 2023 across the used car market and one that has, perhaps, surprised some commentators.”
“Despite the significant interruptions to new car supply that went hand-in-hand with the initial Covid-19 lockdown three years ago, used volumes have risen this year and we are seeing an improving mix of inventory hitting the market. Demand for any vehicle in good condition remains intense and we continue to see exceptional values across most value sectors throughout our seven-day online selling programme.”
Pearson closed “The Easter trading period, while often a watershed moment for used car values, has seen trading remain very positive. While the coming weeks will likely deliver some value erosion to the overall market, we are many months from seeing normalised supply levels.”
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