Price of used cars up in March

Price of used cars up in March

The average price of a used car in the UK rose by 5% last month, according to statistics from British Car Auctions (BCA).

March is traditionally a good month for the used car marketplace, as the new plates coming on the market the month before means a healthy influx of used vehicles becoming available to dealers and buyers. This March, the average price of a used car was £7,387, a rise of £57 over February's average values. This price is the third highest average used car value on record, and the highest monthly value of 2014.

Previous months of this year have shown some slight declines in the values of used cars. The average price for January was £7,381, whilst the average price for February was £7,330. But with the strengthening economy in the UK, March saw a small but solid rise in used car sales.

The editor of British Car Auction's annual Used Car Market Report, Tim Naylor commented that the majority of the rise of sales sits on the shoulders of motorists who are becoming increasingly confident in the country's economic situation. With more faith in the market, they are more likely to upgrade their existing vehicle for something newer, and possibly with more modern technology.

He continued: "People tend to turn their attention to paying for the summer holiday once Easter has been and gone, and plans for changing the family car often get postponed until the early autumn." Easter usually sees the average value of a used car go south, and signs are that the market is beginning to soften. Now would be the time to sell your used car for the best values.

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