Used car values across BCA’s online sales programme reached their highest level since July 2023, buoyed by an improved stock mix and record-breaking buyer activity. Sold volumes rose significantly, increasing by 14% compared to June.
In July 2024, the average price of a used car at BCA was £7,800, marking a £233 (3.2%) increase from June. Wholesale demand remained strong across most sectors, defying typical seasonal trends as the market entered the holiday period.
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Although values for older cars declined from June through August, prices overall remained stable and above seasonal norms. This stability has helped sustain market confidence and supported positive decision-making by both buyers and sellers.
Demand for electric vehicles (EVs) has been particularly robust over the past four months. More than 1,200 customers purchased EVs, with first-time conversions averaging over 80% across BCA’s wide range of EV offerings.
Stuart Pearson, BCA’s Chief Operating Officer, highlighted the sector’s resilience in July. “The used car sector continued to exhibit a great deal of stability in July, as BCA recorded the highest monthly value in 12 months. Significant buyer engagement and an improving mix of stock combined to drive sold volume upwards, well ahead compared to June and the same period last year.”
Pearson also pointed to broader economic trends that could benefit the market. “With signs that economic pressures are starting to ease, as interest rates fall for the first time since the onset of the pandemic and inflation rates normalise, the expectation is that consumers should also start to feel the benefit, and some of those deferred purchases will be made as we exit the summer months and move into the final quarter of the year.”
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By GlobalDataHe concluded by noting that retail stock levels are generally low, with some early buyers already taking advantage of expected market improvements after the school holiday period. “It all points towards a strong and stable market for some months to come,” Pearson added.
