Used car values at car marketplace BCA have increased 2.9% or £264 in September in comparison with August values.
Last month, values averaged £9,197, with a marginal improvement of more than a percentage point in performance against guide values.
The values grew due to sustained demand from professional buyers.
During the period, sold volumes also increased as more customers were attracted to BCA’s stock and activity ramped up within BCA’s online sales programme, the car marketplace said.
Despite concerns around the economy, the cost of living, inflation and interest rates, demand for used cars steadily improved throughout September and the final week of the month recorded the highest sold weekly volume at BCA this financial year.
While vehicle entries rose steadily, the new car supply shortage continues to impact several sectors, keeping prices firm and supply and demand ‘well balanced’.
BCA UK COO Stuart Pearson said: “September was a particularly strong month for used car sales at BCA with average values rising by nearly 3% over the month as our remarketing division delivered an increased volume of fresh-to-market stock for our buyers.
“With new car supply remaining challenging, the younger and best quality vehicles have been in high demand for most of the year, however during September, we have seen a particular lift in activity around the older and even poorer graded stock.
“There was positive news from the SMMT as new car sales improved for the second month running, with the caveat that volumes remain well behind what we would normally see at this time of year and also pre-pandemic levels.”
Given the scarcity of ex-lease, rental and OEM stock in the used marketplace, used vehicle prices are likely to remain strong for some time to come. In August this year, BCA extended its Solifi Wholesale Finance contract.