The average value of a used car sold at BCA rose by 8.7% year-on-year in September, according to the BCA Pulse report.
The British vehicle remarketer reported a September figure of £8,376, up by £674 on the previous year. On a month by month basis, average values rose by a modest £34, but reached a new record value; the third consecutive month to do so.
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Average age fell almost six months to 58.39 months year-on-year in September, with average mileage falling to 51,834mi over the same period.
Fleet and lease values increased by 1.3% year-on-year to a record £10,017, breaking the £10,000 barrier for the first time.
Over this same period, average age fell to 39.18 months from 40.15 months, and average mileage decreased over 3,000mi to 42,172mi.
Retained value against original manufacturers retail price rose modestly to 42.65% from the 42.09% recorded in September of 2015.
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By GlobalDataThe average value of part-exchange vehicles rose to £4,553 year-on-year in September, with average mileage also rising over the same period, up to 70,027mi. Average age fell slightly to 89.49 year-on-year in September 2016.
Nearly news in September saw average age almost static, up to 7.83 months from 7.82 a year earlier. Average mileage fell to 7,810mi and average values increased to £21,353 for the same period.
By body type, 4x4s attracted both the highest average price in September 2016, despite a fall of almost £100 month-on-month, reaching £14,454.
Hatch cars fetched the lowest average price of £6,116 over the same period, a modest increase on August’s value of £6.098.
Simon Henstock, chief operating officer UK remarketing at BCA said: “September saw demand keeping pace with supply. However, by mid-October our dealer customers were anecdotally saying that retail demand was softening and that will inevitably affect the wholesale sector.”
BCA also reported that the average value of a used light commercial vehicle (LCV) sold at BCA rose 9.5% year-on-year in September to £6,140, up by £533 from the previous year.
On a month by month basis, average values rose by £51 for a modest 0.8% increase over the month, reportedly reaching the highest point on record for the second month in a row.
Duncan Ward, head of commercial vehicles at BCA, said: “The LCV market has seen continued value growth throughout much of 2016.
“However, volumes are rising and buyers will have more choice in the weeks ahead. This underlines the importance of appraising and valuing vehicles sensibly, as this builds buyer confidence and delivers benefits for buyers and sellers alike.”
