Observations Tim Naylor, BCA
The headline average monthly used car value in June declined by 0.6% compared to May to £7,000, with fleet and lease values rising and dealer part exchange values falling slightly. Year-on-year values remained up by 17.3%. BCA reports demand from professional buyers remains strong for the best retail-ready examples in the used car market, alongside continued interest in the budget end of the market.
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Average values have remained at or above £7,000 for five out of six months this year, a significant step up from 2012, when values averaged nearer £6,000.
Fleet and lease values improved to the highest average monthly figure on record. Dealer part exchange values still recorded a substantial year-on-year uplift of 28.3%. Nearly new values fell largely as a result of a change in model mix.
Monthly values have been consistent this year, suggesting supply and demand are
balanced. However, trade buyers are showing less interest in cars requiring significant work to bring them up to ‘showroom condition’ unless these vehicles are priced
competitively.
In contrast, vehicles offered in ready-to-retail condition are sought after, with values typically outstripping guide expectations. The budget end of the market also remains strong, particularly in the £2,000 to £3,000 price sector, and older, well-presented cars at sensible mileages will also regularly outperform guide values.
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