Used car prices rise for second month at auction

Average utilised values rose for the next thirty day period working in February.

BCA noted that weekly volume sold elevated to get to the greatest position of the final 12 months.

Values averaged £8,540 at BCA in February 2023, up by £140 or 1.7% compared to January 2023.

BCA Uk COO Stuart Pearson mentioned: “While the price tag of residing squeeze continues, there appears to be some light at the close of the tunnel for people with information that governing administration assistance with strength charges is expected to go on and forecasts that inflation will slide to about 4% by the stop of the calendar year.

“After some major pricing realignment above recent months, we’ve also observed the made use of EV sector beginning to stabilise for a number of models, which has stimulated a major improve in retail curiosity.

“From a supply standpoint, the SMMT has claimed seven consecutive months of progress in new car or truck registrations but, even soon after a 26.2% rise in February, we are even now a long way behind the higher details of the pre-pandemic time period. Extra to this, we are also approaching the 3-yr anniversary of the initially lock-down, when numerous of the source difficulties in the new vehicle industry commenced.

“The net result of all of this is a definite resilience to the used auto sector that is unlikely to waiver for some time. Even with some even more acceleration in new auto registrations expected in excess of the upcoming several months, the ongoing lack of top quality -3-calendar year-outdated products should suggest that provide and demand will continue being fairly nicely balanced for the foreseeable foreseeable future.”

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