Used car prices stabilize

author: FutureCar Staff    

According to BCA, the average values of used cars have remained consistent for the third consecutive month. The reported average price is £8,255, and the overall price is heavily influenced by the mix of vehicles.

One of the key factors affecting the market is the shortage of genuine three to four-year-old products. As a result, car supermarkets are fiercely competing for the best models.

In recent weeks, there has been a growing demand for high-quality stock. This has led to increased 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, the values of poorer quality stock require close attention as the gap between the grades has widened.

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

Pearson also highlighted the strong activity fueled by the shortage of vehicles in the three to four-year sector. However, he cautioned that the pricing expectations for older, more damaged stock need careful attention to ensure successful first-time sales. He emphasized the challenge for remarketers to sell every vehicle for the optimum value and stressed the importance of staying up to date with pricing information and using all available reference points.

FutureCar Staff