Car prices stabilize in June

author: FutureCar Staff    

BCA has reported that average used car values have remained consistent for the third month in a row. The average prices were recorded at £8,255, with the overall price being heavily influenced by the mix of vehicles.

One key factor contributing to these consistent values is the shortage of genuine three to four-year-old products. As a result, car supermarkets are fiercely competing for the best models.

Recent trends have shown a strengthening demand for the best quality stock. There is increased competition for vehicles in Grade 1 and 2 condition, especially for late-plate, low mileage examples which are in short supply. On the other hand, values for poorer quality stock require careful attention, as the gap between the grades has widened.

BCA UK COO Stuart Pearson commented on the situation, stating that despite little improvement in economic conditions and high inflation, there has been strong attendance and competitive bidding in online sales. Pearson emphasized the widening gap between the price performance of the best and worst condition vehicles. BCA is working closely with sellers to ensure realistic pricing expectations.

Pearson also highlighted the strong activity fueled by the shortage of vehicles in the three to four-year sector. However, he mentioned that careful attention is required for the pricing expectations on older, more damaged stock to ensure successful first-time sales. The challenge for any remarketer is to sell every vehicle first time for the optimum value, and staying up to date with the latest pricing information and using all available reference points is crucial for success.

FutureCar Staff