The price of a used car offered at auction increased by 3.3 per cent year-on-year in February – representing an average increase of £322.
This is according to the British Car Auctions (BCA)’s latest Pulse report, which attributed the increase to an “improved quality of product on offer”.
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The BCA noted that the average cost of all cars sold last month (£9,798) was the fourth highest ever recorded, reflecting the increased values paid for fleet, lease and dealer part-exchange vehicles. Year-on-year, the figure was up by £300 (3.1%).
Stuart Pearson, chief operating officer for UK remarketing at the BCA, referenced good demand from buyers for vehicles that are accurately priced and with good provenance. “The focus has definitely been on quality, value and the ability to turn stock quickly,” he said.
Fleet and lease vehicles averaged a value of £11,522 in February, according to the report, representing a significant 6.7% increase year-on-year. The average age at the time of sale has risen slightly to 39.7 months, while the average mileage dropped by more than 1,500 miles when compared with 2018. Retained value against the original MRP improved by three-quarters of a point year-on-year to reach 44.04%.
Dealer part-exchange values at BCA were up £51 to £5,167 in February, with the average age and mileage both decreasing when compared with the same month in 2018.
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By GlobalDataDemand for nearly-new vehicles at BCA remained high, with values rising to £23,084 during the month – an increase of 16.8% year-on-year.
Pearson continued: “BCA has seen a long term evolution in average used car values across the board which reflects both the wide choice and excellent quality of stock we offer on behalf of our vendors and the consistent demand from professional buyers to meet their retail needs.”
| All cars | Avg Age | Avg Mileage | Avg Value |
| Feb 2018 | 54.86 | 48,514 | £9,498 |
| Feb 2019 | 56.32 | 48,400 | £9,798 |
| Fleet/ Lease | Avg Age (months) | Avg Mileage | Avg Value | Sales vs MRP |
| Feb 2018 | 39.04 | 40,350 | £10,792 | 43.23% |
| Feb 2019 | 39.70 | 38,791 | £11,522 | 44.04% |
