BCA’s Pulse report shows average used car values fell by almost 2.5% to £5,792 in October as the market continued to settle into a more typical seasonal pattern.
However, supply issues still affect the marketplace – volumes were down by around 5% compared to September – and this, combined with decent levels of demand, is helping to keep values relatively stable.
Values in the fleet and lease sector were hit hardest, falling 3.8% (£292), while nearly-new values dropped 0.5% and part-exchange values were effectively flat, underlining the continued demand for budget cars and the relative shortage of supplies in this sector.
Performance against CAP Clean fell by more than two points to 96.24%.
BCA’s communications director Tony Gannon said: “October has heralded the typical slowing in demand that the market usually experiences in the run-up to the Christmas period.
“However, the effect has been tempered this year by the continuing shortage of retail quality stock – the competitive pressure for the best examples in the wholesale arena has meant average values are probably stronger than expected."
Looking in a little more detail at the market sectors, fleet values fell from £7,711 on September to £7,419 in October, and year-on-year are behind by nearly £200.
Values have been remarkably stable over the past 12 months and have moved little from the £7,500 mark.
Part-exchange stock was flat at £2,605 following a 1.2% rise the previous month, but is ahead year-on-year by £20.
Nearly-new average values fell by £95 to £19,315 but also remained ahead year-on-year by £155.