Used car values skyrocket in October

Used car values skyrocket in October

Using data from vehicle remarketers British Car Auctions (BCA), we see that the average price for a used car in October climbed by £167, a rise of 2.4% on the previous month. This rise is being put on a lack of quality used vehicles on the market, and the hungry buyers and dealers are snapping up what is on offer, making for a very competitive marketplace.

These figures also show that based on year-on-year values, the average used car value climbed by £693, or just over 10%. And these rises are seen across the whole range of vehicles on offer on the used market. Whilst most private buyers are opting for the more economical smaller city cars, demand is still strong for luxury and prestige vehicles too.

Falling in October was the average mileage of used cars, with the average vehicle having done 2,200 miles less than those seen during the same month in 2013. It should also come as no surprise that the vehicles were also younger, with an average age of 5 years, 1 month.

The average price of cars sold via leasing companies or fleet buyers continued to be strong, maintaining the £9,000 average value it achieved during September. Partex vehicle values are also up, by around £80 on average over the previous month.

"Exceptionally strong" is how the BCA's Operations Director, Simon Henstock, portrayed the state of the UK's used car market in October.

WMCW Admin

Reporting on news on topics such as used car industry prices, automobile recalls, site news and updates, opinion pieces about the used car market, and other appropriate automotive information.

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