Observations Tim Naylor, British Car Auctions
Across the board, used cars averaged £6,315 in September, an increase of £157 (2.5%) over August’s figure. The year-on-year
figures show a modest increase of £63 or 1% over 2011, with cars being on average older and higher mileage.
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September enjoyed higher levels of demand than that seen since the spring months, resulting in record-breaking average values, but it’s important to place these figures in context. With stock remaining thin on the ground, buyer demand is focused on the best-quality vehicles – the Condition 1 and 2 cars – and this is driving values up.
However, over the coming weeks, BCA expects to see some pressure on values as volumes rise in the wholesale sector and retail demand softens in the run-up to the year-end.
There were value rises in each of the individual product sectors, as ongoing supply issues meant professional buyers had to
compete hard for the best vehicles. Average fleet and lease car values improved by £185 compared to August to reach a new record
monthly value of £8,339 – the fifth consecutive month that a record value has been established. Year-on-year, the fleet and lease sector again posted double-digit improvements, the fourth month in a row this has happened. Notably it is ‘bread and butter’ stock that is attracting the most attention – hatches, saloons and estates – with more niche models experiencing some price pressure.
Having virtually stalled last month, average part exchange values increased sharply by £162 in September, representing a 5.5% increase over August and breaking the £3,000 barrier for the first time on record.
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