Car prices stabilize in June

author: FutureCar Staff    

Average used car values have remained consistent for the third consecutive month, as reported by BCA. The average prices were recorded at £8,255, with the overall price heavily influenced by the mix of vehicles. A key factor contributing to this consistency is the shortage of genuine three to four-year-old products, which has led to strong competition among car supermarkets for the best models.

In recent weeks, there has been an increasing demand for high-quality stock, resulting in intensified competition for vehicles in Grade 1 and 2 condition, especially for late-plate, low mileage examples that are in short supply. On the other hand, values for poorer quality stock require close attention, as the gap between grades has widened further.

BCA UK COO Stuart Pearson commented on the situation, stating, "Despite little improvement in economic conditions and persistently high inflation, we have witnessed strong attendance and competitive bidding in our online sales throughout the month. There is a clear disparity between the price performance of vehicles in the best and worst condition, and we are working closely with sellers to ensure realistic pricing expectations, as this has changed rapidly during the month."

Pearson also highlighted the impact of the shortage of vehicles in the three to four-year sector, stating, "This shortage has fueled significant activity. However, careful attention is required for the pricing expectations of older, more damaged stock in order to achieve successful first-time sales. The challenge for any remarketer is to aim for first-time sales at optimal value, and staying up to date with the latest pricing information and utilizing all available reference points is crucial for success."

FutureCar Staff