Average values continued to rise in the used car market in September according to BCA’s latest Pulse report, with both fleet/lease and dealer part-exchange values reaching record levels.
BCA’s remarketing centres nationwide reported strong demand and a significant upturn in conversion rates during September.
The used market remained relatively short of stock last month as much of the volume resulting from the September plate change does not impact until early October.
Across the board used cars averaged £7,007 in September, down by £30 (0.4%) compared to August, but up by £692 (10.9%), year-on-year.
The fall in the headline value last month was a result of a small change in the mix of cars sold - a greater percentage of dealer P/X cars were sold in September compared to relatively higher value stock from fleet & lease sources.
Average mileage continues to fall – down by around 1,500 miles compared to last year – while average age was static at just under 63 months. Average performance against CAP Clean is 0.6% up, year-on-year.
Fleet & lease values rose above £9,000 for the first time on record and remain significantly ahead year-on-year.
Dealer part-exchange values rose to a new record level after three consecutive monthly falls and are also substantially ahead year-on-year. Nearly new values fell largely as a result of a change in model mix.