January sees fall in second hand car prices

January sees fall in second hand car prices

In the latest report from the British Car Auctions (BCA) statisticians, we see that the price of an average used car dropped by around 3% in January 2013.

The new average price for a used car, according to the BCA, is now £7,137. However, due to a higher number of part-exchange vehicles being sold during that month, usually at a lower value than other second-hand cars, it is thought that this could be mostly accountable for the price changes. Indeed, the average value was actually up over January 2012, with an 18.1% rise in price, equating to around £1,097.

A shortage of used cars on the market is currently pushing up prices, and demand is increasing for quality cheap transportation. The operations director of BCA UK, Simon Henstock, commented: "With stock remaining thin on the ground, buyer demand is focused on the best quality vehicles and this is driving values up."

The BCA Pulse report also saw that buying cars from online sources was growing in popularity, with as much as 25% of vehicles sold by BCA during January being bought through internet bidding. In other market sectors, the Pulse report also affirmed that dealer and fleet part-exchanges experienced rises in month-on-month values, even founding new sales records.

You can view the latest BCA Pulse report here: http://www.british-car-auctions.co.uk/About-Us/Latest-News/5-February-2013---BCA-Pulse/

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